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 Decision Summary: The ITAT upheld the CIT(A)'s order with modifications, primarily focusing on equitable taxation principles. The tribunal directed the AO to re-compute long-term capital gains by applying the Cost Inflation Index of the year of transfer. The decision rejected revenue's contentions regarding unaccounted transactions, emphasizing that only real income should be taxed. The tribunal confirmed a 30% profit rate for unaccounted business receipts and allowed set-off of expenses against taxed receipts. Key holdings included preventing double taxation, ensuring computational fairness, and adhering to statutory provisions governing capital gains calculation while maintaining the principle of taxing net real income.
ITAT Decision Summary: The ITAT upheld the CIT(A)'s order with modifications, primarily focusing on equitable taxation principles. The tribunal directed the AO to re-compute long-term capital gains by applying the Cost Inflation Index of the year of transfer. The decision rejected revenue's contentions regarding unaccounted transactions, emphasizing that only real income should be taxed. The tribunal confirmed a 30% profit rate for unaccounted business receipts and allowed set-off of expenses against taxed receipts. Key holdings included preventing double taxation, ensuring computational fairness, and adhering to statutory provisions governing capital gains calculation while maintaining the principle of taxing net real income.
Note: It is a system-generated summary and is for quick reference only.
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