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 overturned addition of unaccounted money allegedly received by assessee representing 20% of total consideration. Addition was based on extrapolation from loose papers discovered during search operations. Tribunal held that extrapolation for on-money receipts from shop sales cannot be sustained where no specific evidence was found during search, no proper investigation was conducted, and key witness was not questioned about incriminating documents. Additionally, many flats were sold to parties different from those listed in loose sheets, and buyers were unrelated parties. Given CIT(A) had already deleted similar additions for another partner in joint venture project Ganga Acropolis, ITAT deleted the disputed addition for AY 2017-18, ruling in assessee's favor.
ITAT overturned addition of unaccounted money allegedly received by assessee representing 20% of total consideration. Addition was based on extrapolation from loose papers discovered during search operations. Tribunal held that extrapolation for on-money receipts from shop sales cannot be sustained where no specific evidence was found during search, no proper investigation was conducted, and key witness was not questioned about incriminating documents. Additionally, many flats were sold to parties different from those listed in loose sheets, and buyers were unrelated parties. Given CIT(A) had already deleted similar additions for another partner in joint venture project Ganga Acropolis, ITAT deleted the disputed addition for AY 2017-18, ruling in assessee's favor.
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