Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Fraud classification show-cause notices founded on inconclusive forensic audit material cannot sustain action, permitting fresh proceedings on conclus...
Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
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Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any incriminating material. As per S Kader Khan Sons [2007 (7) TMI 182 - MADRAS HIGH COURT], statement recorded u/s 133A has no evidentiary value, and addition cannot be made based on such admission during survey. AO relied on gross profit rate declared during survey, but CIT(A) noted AO did not provide basis for adopting 17.43% rate instead of overall 13.08%. AO cannot make additions based on surmises and conjectures without rejecting books of account. CIT(A) examined consistent gross profit rates over previous years and deleted the addition. AO did not disallow purchases but enhanced closing stock, potentially affecting opening stock in subsequent year. Revenue's appeal against CIT(A) order was dismissed.
Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any incriminating material. As per S Kader Khan Sons [2007 (7) TMI 182 - MADRAS HIGH COURT], statement recorded u/s 133A has no evidentiary value, and addition cannot be made based on such admission during survey. AO relied on gross profit rate declared during survey, but CIT(A) noted AO did not provide basis for adopting 17.43% rate instead of overall 13.08%. AO cannot make additions based on surmises and conjectures without rejecting books of account. CIT(A) examined consistent gross profit rates over previous years and deleted the addition. AO did not disallow purchases but enhanced closing stock, potentially affecting opening stock in subsequent year. Revenue's appeal against CIT(A) order was dismissed.
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