Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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ITAT affirmed re-assessment notice for AY 2013-14 as valid under TOLA, finding no procedural objections by the assessee. On unexplained bank deposits, the tribunal determined a taxable profit margin of 8% rather than the assessee's proposed 3-7% range, lacking substantive evidence. The tribunal directed the Assessing Officer to separately compute business income and interest income, with TDS on interest to be brought to tax under income from other sources. The appeal was partly allowed, with the re-assessment proceedings upheld and a modified approach to taxing unexplained deposits implemented.
ITAT affirmed re-assessment notice for AY 2013-14 as valid under TOLA, finding no procedural objections by the assessee. On unexplained bank deposits, the tribunal determined a taxable profit margin of 8% rather than the assessee's proposed 3-7% range, lacking substantive evidence. The tribunal directed the Assessing Officer to separately compute business income and interest income, with TDS on interest to be brought to tax under income from other sources. The appeal was partly allowed, with the re-assessment proceedings upheld and a modified approach to taxing unexplained deposits implemented.
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