Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
ITAT adjudicated a tax dispute involving circular trading and salary expenses. The tribunal found no substantive evidence to support the Assessing Officer's (AO) arbitrary addition of commission income. The AO's estimate of 3% on sales and purchases was deemed unwarranted, as no specific allegation of commission payment was established in KGR Enterprises' assessment order. Similarly, the adhoc addition under salary and wages was deleted, as the expenses were commensurate with business turnover and no specific defects were identified in the documentation. The tribunal ultimately rejected both proposed additions, providing relief to the assessee by eliminating the unsupported tax adjustments.
ITAT adjudicated a tax dispute involving circular trading and salary expenses. The tribunal found no substantive evidence to support the Assessing Officer's (AO) arbitrary addition of commission income. The AO's estimate of 3% on sales and purchases was deemed unwarranted, as no specific allegation of commission payment was established in KGR Enterprises' assessment order. Similarly, the adhoc addition under salary and wages was deleted, as the expenses were commensurate with business turnover and no specific defects were identified in the documentation. The tribunal ultimately rejected both proposed additions, providing relief to the assessee by eliminating the unsupported tax adjustments.
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