Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
ITAT upheld CIT(A)'s decision restricting additions under section 153C search assessments. For unaccounted receipts, ITAT confirmed 20% profit margin on verifiable on-money receipts for AY 2015-16 only, deleting extrapolated additions for subsequent years lacking year-specific incriminating material. The tribunal emphasized that additions in non-abated assessments require incriminating documents relatable to specific assessment years. Regarding unaccounted land investment under section 69, ITAT deleted additions finding payments sourced from already-taxed unaccounted receipts, preventing double taxation. For alleged unaccounted cash expenditure under section 69C, ITAT upheld deletion as seized documents from third-party premises lacked nexus to assessee's business, with AO failing to establish connection through proper enquiry or corroboration.
ITAT upheld CIT(A)'s decision restricting additions under section 153C search assessments. For unaccounted receipts, ITAT confirmed 20% profit margin on verifiable on-money receipts for AY 2015-16 only, deleting extrapolated additions for subsequent years lacking year-specific incriminating material. The tribunal emphasized that additions in non-abated assessments require incriminating documents relatable to specific assessment years. Regarding unaccounted land investment under section 69, ITAT deleted additions finding payments sourced from already-taxed unaccounted receipts, preventing double taxation. For alleged unaccounted cash expenditure under section 69C, ITAT upheld deletion as seized documents from third-party premises lacked nexus to assessee's business, with AO failing to establish connection through proper enquiry or corroboration.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
