Government water works contract GST concession applied before its withdrawal, while contractual tax reimbursement claims lay outside advance-ruling sc...
Stamp valuation increases after registration-fee payment led to deletion of property-purchase addition within tolerance and without valuation referral...
Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
Page of 4881
Press 'Enter' after typing page number.
341 to 360 of 97618 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The ITAT held that the approval under section 151 without a valid manual or digital signature is invalid, rendering the subsequent notice under section 148 void for lack of jurisdiction; thus, the reassessment order under section 143(3) read with section 147 was quashed. The issuance of notice under section 148 by a JAO was upheld as valid under the faceless regime. Income from sale of scrap was held to be business income, not unexplained cash under section 69A, and the estimated additions on this account were partly deleted, with the profit estimated using the PBT percentage from regular books. Out-of-books expenses disallowance under section 69C was deleted. Bogus salary and professional fees disallowance under section 37(1) was reversed. Certain estimated disallowances were sustained. Additions based on diary entries were largely disallowed due to inadequate proof of unexplained income. Business promotion expenses were fully allowed as wholly and exclusively incurred for business.
The ITAT held that the approval under section 151 without a valid manual or digital signature is invalid, rendering the subsequent notice under section 148 void for lack of jurisdiction; thus, the reassessment order under section 143(3) read with section 147 was quashed. The issuance of notice under section 148 by a JAO was upheld as valid under the faceless regime. Income from sale of scrap was held to be business income, not unexplained cash under section 69A, and the estimated additions on this account were partly deleted, with the profit estimated using the PBT percentage from regular books. Out-of-books expenses disallowance under section 69C was deleted. Bogus salary and professional fees disallowance under section 37(1) was reversed. Certain estimated disallowances were sustained. Additions based on diary entries were largely disallowed due to inadequate proof of unexplained income. Business promotion expenses were fully allowed as wholly and exclusively incurred for business.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
