Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT allowed the taxpayer's appeal for statistical purposes, remanding the matter to the Jurisdictional Assessing Officer for fresh examination. The tribunal held that the assessing authority erred in treating entire gross receipts as income under section 143(1) without considering allowable expenditures. The tribunal emphasized that income tax is chargeable on net income calculated per the Income Tax Act 1961, after deducting eligible expenditures under sections 37 or 57. The case was remitted back for verification of expenditure genuineness, with directions for reasonable opportunity of hearing to the assessee and substantiation of claims without unnecessary adjournments.
ITAT allowed the taxpayer's appeal for statistical purposes, remanding the matter to the Jurisdictional Assessing Officer for fresh examination. The tribunal held that the assessing authority erred in treating entire gross receipts as income under section 143(1) without considering allowable expenditures. The tribunal emphasized that income tax is chargeable on net income calculated per the Income Tax Act 1961, after deducting eligible expenditures under sections 37 or 57. The case was remitted back for verification of expenditure genuineness, with directions for reasonable opportunity of hearing to the assessee and substantiation of claims without unnecessary adjournments.
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