Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
The ITAT upheld the ld.CIT(A)'s decision to treat the excess stock found during the survey as business income, dismissing the revenue's appeal. The AO failed to produce cogent evidence of income from sources other than the jewellery business. The tribunal accepted the assessee's explanation regarding the separate ledger for old gold purchases, increasing the book stock and reducing the excess stock to 11,390.212 grams. The addition was restricted accordingly. Regarding valuation, the tribunal rejected the AO and ld.CIT(A)'s higher rate of Rs. 2,800 per gram and the assessee's lower rate of Rs. 2,296 per gram, adopting Rs. 2,409 per gram as agreed by the assessee in correspondence, to compute income from excess stock. This approach balanced the competing valuations and concluded the matter.
The ITAT upheld the ld.CIT(A)'s decision to treat the excess stock found during the survey as business income, dismissing the revenue's appeal. The AO failed to produce cogent evidence of income from sources other than the jewellery business. The tribunal accepted the assessee's explanation regarding the separate ledger for old gold purchases, increasing the book stock and reducing the excess stock to 11,390.212 grams. The addition was restricted accordingly. Regarding valuation, the tribunal rejected the AO and ld.CIT(A)'s higher rate of Rs. 2,800 per gram and the assessee's lower rate of Rs. 2,296 per gram, adopting Rs. 2,409 per gram as agreed by the assessee in correspondence, to compute income from excess stock. This approach balanced the competing valuations and concluded the matter.
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