Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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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