Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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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