Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
The case pertains to the estimation of income and disallowance of bogus purchases. The purchases were deemed sham transactions fabricated through bogus paper concerns engaged in providing accommodation entries. The Income Tax Appellate Tribunal (ITAT) partly allowed the Revenue's appeal, holding that for bogus purchases, the addition at the rate of 6% of the bogus purchases was fair and reasonable. The High Court upheld the ITAT's view, stating that the conclusion was based on the material and analysis of facts and figures available. The court found no substantial questions of law arising from the ITAT's decision to reduce the disallowance from 12.5% to 6% for the bogus purchases.
The case pertains to the estimation of income and disallowance of bogus purchases. The purchases were deemed sham transactions fabricated through bogus paper concerns engaged in providing accommodation entries. The Income Tax Appellate Tribunal (ITAT) partly allowed the Revenue's appeal, holding that for bogus purchases, the addition at the rate of 6% of the bogus purchases was fair and reasonable. The High Court upheld the ITAT's view, stating that the conclusion was based on the material and analysis of facts and figures available. The court found no substantial questions of law arising from the ITAT's decision to reduce the disallowance from 12.5% to 6% for the bogus purchases.
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