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...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The assessee's investment in film financing business was examined based on seized documents and statements recorded during the search operation. The explanation that the assessee acted as a middleman/agent arranging finance for film producers through lenders was accepted as bonafide, considering the nature of the unorganized film financing sector. A 5% net profit margin on the total loans facilitated was determined as reasonable income, after allowing 1% deduction for expenditure. The addition for a gift received from the brother-in-law was upheld for one year due to lack of evidence establishing the relationship and creditworthiness of the donor. However, for another year, the gift was accepted based on confirmation, bank statements, and the identity of the donor being established, despite the lack of relationship proof. The unexplained cash found during the search was partially accepted, with the remaining unexplained portion added to income. The jewellery investment was directed to be deleted as an addition, considering the quantity fell within prescribed limits and the assessee explained the known sources.
The assessee's investment in film financing business was examined based on seized documents and statements recorded during the search operation. The explanation that the assessee acted as a middleman/agent arranging finance for film producers through lenders was accepted as bonafide, considering the nature of the unorganized film financing sector. A 5% net profit margin on the total loans facilitated was determined as reasonable income, after allowing 1% deduction for expenditure. The addition for a gift received from the brother-in-law was upheld for one year due to lack of evidence establishing the relationship and creditworthiness of the donor. However, for another year, the gift was accepted based on confirmation, bank statements, and the identity of the donor being established, despite the lack of relationship proof. The unexplained cash found during the search was partially accepted, with the remaining unexplained portion added to income. The jewellery investment was directed to be deleted as an addition, considering the quantity fell within prescribed limits and the assessee explained the known sources.
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