Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when sales are duly recorded and supported by the books of account, additions cannot be made u/s 69A. The assessee's books were rejected, and profits were estimated at 10% on the money deposited in the bank account. The Assessing Officer made a trading addition without reducing the profit already reflected in the books. The tribunal directed the Assessing Officer to reduce the profit already declared by the assessee at 5.74% and consider the remaining 4.26% as a trading addition. Regarding section 145(3), once the books of account are rejected based on detailed reasons, rejecting the method of accounting and stock valuation is not necessary. The assessee did not challenge the rejection of books, and the tribunal found no infirmity in the findings of the lower authorities.
The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when sales are duly recorded and supported by the books of account, additions cannot be made u/s 69A. The assessee's books were rejected, and profits were estimated at 10% on the money deposited in the bank account. The Assessing Officer made a trading addition without reducing the profit already reflected in the books. The tribunal directed the Assessing Officer to reduce the profit already declared by the assessee at 5.74% and consider the remaining 4.26% as a trading addition. Regarding section 145(3), once the books of account are rejected based on detailed reasons, rejecting the method of accounting and stock valuation is not necessary. The assessee did not challenge the rejection of books, and the tribunal found no infirmity in the findings of the lower authorities.
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