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...
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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