Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The ITAT upheld the CIT(A)'s deletion of additions relating to excess production, bogus purchases, and extra sales, directing the AO to accept the assessee's disclosed yield percentage and delete the corresponding additions. Additions on alleged bogus liability and freight & cartage expenses were remanded to the CIT(A) for de novo adjudication with a directive to provide reasonable opportunity to both parties. Disallowances of entertainment, telephone, generator, motor vehicle, and petrol expenses were restricted to 5% of the total claim, following precedent from the coordinate bench. The tribunal found no distinguishable facts or legal grounds to deviate from prior rulings and emphasized adherence to procedural fairness and statutory provisions in reassessing the remanded issues.
The ITAT upheld the CIT(A)'s deletion of additions relating to excess production, bogus purchases, and extra sales, directing the AO to accept the assessee's disclosed yield percentage and delete the corresponding additions. Additions on alleged bogus liability and freight & cartage expenses were remanded to the CIT(A) for de novo adjudication with a directive to provide reasonable opportunity to both parties. Disallowances of entertainment, telephone, generator, motor vehicle, and petrol expenses were restricted to 5% of the total claim, following precedent from the coordinate bench. The tribunal found no distinguishable facts or legal grounds to deviate from prior rulings and emphasized adherence to procedural fairness and statutory provisions in reassessing the remanded issues.
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