Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
The ITAT held that in cases of accommodation entries, additions should be limited to the profit element embedded in the bogus transactions rather than the entire transaction value. The Tribunal found the Assessing Officer's addition of 10% on total sales and purchases unjustified, as it was made without proper investigation and solely based on the Verification Unit's report, which wasn't provided to the assessee. Following precedent from the Surat Bench in similar cases, the ITAT restricted the addition to 6% of the purchase amount (3,11,75,748) and 0.5% of sales amount (6,20,94,701), acknowledging that only real income after expense set-off can be taxed, not the substantial part of transactions.
The ITAT held that in cases of accommodation entries, additions should be limited to the profit element embedded in the bogus transactions rather than the entire transaction value. The Tribunal found the Assessing Officer's addition of 10% on total sales and purchases unjustified, as it was made without proper investigation and solely based on the Verification Unit's report, which wasn't provided to the assessee. Following precedent from the Surat Bench in similar cases, the ITAT restricted the addition to 6% of the purchase amount (3,11,75,748) and 0.5% of sales amount (6,20,94,701), acknowledging that only real income after expense set-off can be taxed, not the substantial part of transactions.
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