Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT examined unverifiable purchases from 22 parties where assessee failed to provide conclusive proof. While books of accounts were accepted by AO and historical gross profit rates averaged 1.55% with current year at 1.6%, the Tribunal determined these transactions likely occurred in grey market warranting higher margins. Despite prior assessments under s.143(3) raising no concerns, ITAT estimated a 2.5% profit margin on disputed purchase value as reasonable given the informal nature of transactions. This modified profit estimation approach balanced the established business pattern with appropriate adjustments for unverified grey market dealings. Appeal partially allowed with revised profit computation.
ITAT examined unverifiable purchases from 22 parties where assessee failed to provide conclusive proof. While books of accounts were accepted by AO and historical gross profit rates averaged 1.55% with current year at 1.6%, the Tribunal determined these transactions likely occurred in grey market warranting higher margins. Despite prior assessments under s.143(3) raising no concerns, ITAT estimated a 2.5% profit margin on disputed purchase value as reasonable given the informal nature of transactions. This modified profit estimation approach balanced the established business pattern with appropriate adjustments for unverified grey market dealings. Appeal partially allowed with revised profit computation.
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