Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The assessee offered presumptive tax u/s 44AD on contract receipts, declaring net profit at 15% except for one year. The Assessing Officer (AO) made additions for unexplained cash deposits u/s 69A, treating the entire amount as income. However, the Tribunal held that only the profit element, estimated at 8% of cash deposits, should be added, as the nexus between contract receipts and cash deposits was not established. Regarding agricultural income, consistently disclosed by the assessee, the Tribunal directed partial allowance in the absence of complete details. The addition for short-term capital gain u/s 50C, due to the difference between sale consideration and stamp duty value, was upheld. However, the Tribunal allowed 75% of the cost of improvement claimed by the assessee for compound wall and development expenses. The Tribunal's decision strikes a balance, partially allowing the assessee's claims based on the facts and legal provisions.
The assessee offered presumptive tax u/s 44AD on contract receipts, declaring net profit at 15% except for one year. The Assessing Officer (AO) made additions for unexplained cash deposits u/s 69A, treating the entire amount as income. However, the Tribunal held that only the profit element, estimated at 8% of cash deposits, should be added, as the nexus between contract receipts and cash deposits was not established. Regarding agricultural income, consistently disclosed by the assessee, the Tribunal directed partial allowance in the absence of complete details. The addition for short-term capital gain u/s 50C, due to the difference between sale consideration and stamp duty value, was upheld. However, the Tribunal allowed 75% of the cost of improvement claimed by the assessee for compound wall and development expenses. The Tribunal's decision strikes a balance, partially allowing the assessee's claims based on the facts and legal provisions.
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