Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
ITAT adjudicated a tax dispute concerning alleged bogus purchases and income estimation. The tribunal found no evidence of undervalued sales or inflated purchases after examining documentary proof of raw material delivery to the assessee's factory in Himachal Pradesh. The CIT(A) had previously accepted the assessee's books of accounts. The tribunal dismissed the department's appeal, ruling that applying a 5.94% gross profit rate on alleged bogus purchases was unjustified. The court determined that purchases were made at par or lower rates compared to other transactions, negating potential additional income. Consequently, the tribunal allowed the assessee's appeal and rejected the department's claim of embedded profits in the contested purchases.
ITAT adjudicated a tax dispute concerning alleged bogus purchases and income estimation. The tribunal found no evidence of undervalued sales or inflated purchases after examining documentary proof of raw material delivery to the assessee's factory in Himachal Pradesh. The CIT(A) had previously accepted the assessee's books of accounts. The tribunal dismissed the department's appeal, ruling that applying a 5.94% gross profit rate on alleged bogus purchases was unjustified. The court determined that purchases were made at par or lower rates compared to other transactions, negating potential additional income. Consequently, the tribunal allowed the assessee's appeal and rejected the department's claim of embedded profits in the contested purchases.
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