Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The HC held that the ITAT erred in allowing the assessee's appeal regarding disallowance on account of share trading, as it failed to independently examine the facts or correctness of the CIT(A) and assessing officer's reasoning. The tribunal's reliance on a coordinate bench decision, without establishing identical facts, was flawed. The court distinguished the present case from Brightstar Vincom Pvt Ltd, noting the applicability of an exception under Circular No. 5 of 2024, which was not considered by the ITAT. Consequently, the HC set aside the ITAT's order, reinstating the appellate authority and assessing officer's disallowance, affirming the revenue's position.
The HC held that the ITAT erred in allowing the assessee's appeal regarding disallowance on account of share trading, as it failed to independently examine the facts or correctness of the CIT(A) and assessing officer's reasoning. The tribunal's reliance on a coordinate bench decision, without establishing identical facts, was flawed. The court distinguished the present case from Brightstar Vincom Pvt Ltd, noting the applicability of an exception under Circular No. 5 of 2024, which was not considered by the ITAT. Consequently, the HC set aside the ITAT's order, reinstating the appellate authority and assessing officer's disallowance, affirming the revenue's position.
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