Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
HC held that additions to income under block assessment can be made based on statements recorded u/s 132(4) and seized materials. The appellant's argument attributing income to deceased father was rejected due to lack of supporting evidence. The court found the statement reliable as the appellant did not retract it and failed to respond to notice u/s 158BC. Seized materials and assessee's own statement substantiated the income additions. Relying on precedent, the court affirmed that where inferences about undisclosed income are strong and based on search materials and statements, such additions are permissible. The order was ultimately decided in favor of the revenue.
HC held that additions to income under block assessment can be made based on statements recorded u/s 132(4) and seized materials. The appellant's argument attributing income to deceased father was rejected due to lack of supporting evidence. The court found the statement reliable as the appellant did not retract it and failed to respond to notice u/s 158BC. Seized materials and assessee's own statement substantiated the income additions. Relying on precedent, the court affirmed that where inferences about undisclosed income are strong and based on search materials and statements, such additions are permissible. The order was ultimately decided in favor of the revenue.
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