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 adjudicated a tax dispute involving undisclosed income and stock valuation. The tribunal rejected the tax authority's attempt to treat stock purchases as undisclosed income under Section 69C. The stocks were found to be properly purchased and accounted for in business records. Regarding Section 115BBE's applicability, the tribunal followed precedent from Madras HC, determining that the amended provisions did not apply to the survey conducted on 29-09-2016. Consequently, the tribunal ruled in favor of the assessee, quashing the revision order by the PCIT and dismissing attempts to impose additional tax on the identified stocks.
ITAT adjudicated a tax dispute involving undisclosed income and stock valuation. The tribunal rejected the tax authority's attempt to treat stock purchases as undisclosed income under Section 69C. The stocks were found to be properly purchased and accounted for in business records. Regarding Section 115BBE's applicability, the tribunal followed precedent from Madras HC, determining that the amended provisions did not apply to the survey conducted on 29-09-2016. Consequently, the tribunal ruled in favor of the assessee, quashing the revision order by the PCIT and dismissing attempts to impose additional tax on the identified stocks.
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