Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
In the absence of incriminating material found during the search u/s 153A, no addition can be made for the assessment year 2012-13, except supported by incriminating documents. This view finds support from the Supreme Court's judgment in PCIT vs. Abhisar Buildwell P. Ltd., wherein it was held that no addition can be made for completed assessments without incriminating material. Further, the Rajasthan High Court's decision in PCIT vs. M/s. Esspal International P. Ltd. stated that merely based on a retracted statement, no addition can be sustained. Consequently, the addition was directed to be deleted, deciding in favor of the assessee.
In the absence of incriminating material found during the search u/s 153A, no addition can be made for the assessment year 2012-13, except supported by incriminating documents. This view finds support from the Supreme Court's judgment in PCIT vs. Abhisar Buildwell P. Ltd., wherein it was held that no addition can be made for completed assessments without incriminating material. Further, the Rajasthan High Court's decision in PCIT vs. M/s. Esspal International P. Ltd. stated that merely based on a retracted statement, no addition can be sustained. Consequently, the addition was directed to be deleted, deciding in favor of the assessee.
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