Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Internal TNMM supports deletion of freight-forwarding adjustments where comparable non-AE transactions are separately identifiable and materially simi...
ITAT adjudicated a tax dispute involving unaccounted business receipts. The tribunal upheld the assessee's declaration of on-money receipts, finding the income component was based on seized material and properly explained during assessment proceedings. The ITAT rejected revenue's attempts to make protective additions and disallow expenditures, noting that the expenses were not prohibited by law and the income was fairly computed. The tribunal found no substantive reason to interfere with the lower appellate authority's findings, thereby dismissing revenue's grounds of appeal and maintaining the assessee's tax treatment of the contested receipts and expenditures.
ITAT adjudicated a tax dispute involving unaccounted business receipts. The tribunal upheld the assessee's declaration of on-money receipts, finding the income component was based on seized material and properly explained during assessment proceedings. The ITAT rejected revenue's attempts to make protective additions and disallow expenditures, noting that the expenses were not prohibited by law and the income was fairly computed. The tribunal found no substantive reason to interfere with the lower appellate authority's findings, thereby dismissing revenue's grounds of appeal and maintaining the assessee's tax treatment of the contested receipts and expenditures.
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TaxTMI 
TaxTMI 
