Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
ITAT adjudicated a dispute regarding tax assessment in a precious metal business. The tribunal found the Assessing Officer (AO) improperly rejected audited books under Section 145(3) without conducting a mandatory special audit under Section 142(2A). The ad-hoc income determination was deemed capricious and irrational, lacking cogent material and expert assessment. Given the complex business nature involving high-value transactions and inventory volatility, the tribunal disapproved the arbitrary income estimation. The matter was remanded to the AO for fresh income determination in strict compliance with legal provisions, with the appeal allowed for statistical purposes.
ITAT adjudicated a dispute regarding tax assessment in a precious metal business. The tribunal found the Assessing Officer (AO) improperly rejected audited books under Section 145(3) without conducting a mandatory special audit under Section 142(2A). The ad-hoc income determination was deemed capricious and irrational, lacking cogent material and expert assessment. Given the complex business nature involving high-value transactions and inventory volatility, the tribunal disapproved the arbitrary income estimation. The matter was remanded to the AO for fresh income determination in strict compliance with legal provisions, with the appeal allowed for statistical purposes.
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