Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT allowed assessee's claim for Rs. 707.56 crores loss arising from Harshad Mehta scam during FY 1991-92. Assessee paid SBI for back-to-back securities transactions, but SBI fraudulently credited proceeds to broker's account without delivering securities to assessee. Tribunal held the loss constituted allowable business expenditure in the relevant assessment year, being attributable to fraudulent activities by employees. Following precedent in J&K Bank Ltd case and Tribunal's earlier decision in assessee's own matter, ITAT determined loss was deductible business expense rather than capital loss. Addition made by revenue authorities was deleted and assessee's grounds were allowed. Loss deemed allowable in year of occurrence despite fraudulent circumstances surrounding transaction.
ITAT allowed assessee's claim for Rs. 707.56 crores loss arising from Harshad Mehta scam during FY 1991-92. Assessee paid SBI for back-to-back securities transactions, but SBI fraudulently credited proceeds to broker's account without delivering securities to assessee. Tribunal held the loss constituted allowable business expenditure in the relevant assessment year, being attributable to fraudulent activities by employees. Following precedent in J&K Bank Ltd case and Tribunal's earlier decision in assessee's own matter, ITAT determined loss was deductible business expense rather than capital loss. Addition made by revenue authorities was deleted and assessee's grounds were allowed. Loss deemed allowable in year of occurrence despite fraudulent circumstances surrounding transaction.
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