Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
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Disallowance of deduction claimed u/s 24(b) was rejected as the assessee was incurring interest expenditure for redevelopment of the house, and the CIT(A) rightly accepted telephone bills as evidence of occupation. Regarding GP rate estimation, the AO analyzed financials and noticed a decline in GP declared, the ITAT directed sustaining 1.5% of trading sales as additional GP due to lack of records on cash discounts. On TDS u/s 194J for rent payments, the ITAT upheld CIT(A)'s findings as payments were small and within prescribed limits. Disallowance of freight expenses and auditor's fees u/s 40(a)(ia) was set aside based on a Delhi High Court ruling on retrospective application. Freight expense addition was partly allowed, excluding income offered by two parties. Cash expenses exceeding the limit u/s 40A were allowed if paid in different occasions below Rs. 20,000 each, subject to producing ledgers. Penalty u/s 271(1)(c) was deleted as most additions were set aside. Penalty u/s 140A(3) for non-payment of self-assessment tax was deleted considering the assessee's reasonable cause and subsequent payment before levy.
Disallowance of deduction claimed u/s 24(b) was rejected as the assessee was incurring interest expenditure for redevelopment of the house, and the CIT(A) rightly accepted telephone bills as evidence of occupation. Regarding GP rate estimation, the AO analyzed financials and noticed a decline in GP declared, the ITAT directed sustaining 1.5% of trading sales as additional GP due to lack of records on cash discounts. On TDS u/s 194J for rent payments, the ITAT upheld CIT(A)'s findings as payments were small and within prescribed limits. Disallowance of freight expenses and auditor's fees u/s 40(a)(ia) was set aside based on a Delhi High Court ruling on retrospective application. Freight expense addition was partly allowed, excluding income offered by two parties. Cash expenses exceeding the limit u/s 40A were allowed if paid in different occasions below Rs. 20,000 each, subject to producing ledgers. Penalty u/s 271(1)(c) was deleted as most additions were set aside. Penalty u/s 140A(3) for non-payment of self-assessment tax was deleted considering the assessee's reasonable cause and subsequent payment before levy.
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