Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
The ITAT partially allowed the assessee's appeal concerning bogus accommodation sales bill entries. The Tribunal held that, given the beneficiary of the accommodation entries was identified based on the survey, the commission rate on such entries should be fixed at 5%, aligning with precedent. The Assessing Officer's application of a 10% commission rate lacked justification, and the Commissioner's order was accordingly set aside to the extent of the commission rate. The AO was directed to apply a 5% commission on the accommodation entries instead of 10%. The Department's stand supporting the 10% rate was rejected, and the appeal was allowed in part.
The ITAT partially allowed the assessee's appeal concerning bogus accommodation sales bill entries. The Tribunal held that, given the beneficiary of the accommodation entries was identified based on the survey, the commission rate on such entries should be fixed at 5%, aligning with precedent. The Assessing Officer's application of a 10% commission rate lacked justification, and the Commissioner's order was accordingly set aside to the extent of the commission rate. The AO was directed to apply a 5% commission on the accommodation entries instead of 10%. The Department's stand supporting the 10% rate was rejected, and the appeal was allowed in part.
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