Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT upheld partial rejection of books under s.145(3) due to unverifiable self-made cash vouchers, though specific quantification was lacking. Given turnover of Rs.4,00,48,401 showing only 4% variance from previous year, ITAT confirmed addition of Rs.1,00,000 despite assessee's tax audit report and claimed receipted vouchers. On interest income from JSPL reflected under business income, matter remanded to AO for verification whether funds were invested for business expediency rather than mere surplus fund investment to determine appropriate head of income classification between business income versus income from other sources. Addition sustained but limited to Rs.1,00,000 considering overall circumstances and to end protracted litigation.
ITAT upheld partial rejection of books under s.145(3) due to unverifiable self-made cash vouchers, though specific quantification was lacking. Given turnover of Rs.4,00,48,401 showing only 4% variance from previous year, ITAT confirmed addition of Rs.1,00,000 despite assessee's tax audit report and claimed receipted vouchers. On interest income from JSPL reflected under business income, matter remanded to AO for verification whether funds were invested for business expediency rather than mere surplus fund investment to determine appropriate head of income classification between business income versus income from other sources. Addition sustained but limited to Rs.1,00,000 considering overall circumstances and to end protracted litigation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
