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 ITAT held that the AO erred in making additions under section 68 without properly analyzing the assessee's financial statements and VAT returns, which were undisputed and did not indicate any discrepancies. The tribunal found that the AO could not reject the assessee's voluntary offer to add 15% of cash sales as unaccounted income and then make an ad hoc addition of 30% without substantive evidence. Since the AO failed to dispute the books of account or stock-in-trade, the 15% addition should have been accepted. Consequently, the appeal was allowed in part by reducing the addition to 15%, quashing the excess ad hoc disallowance.
The ITAT held that the AO erred in making additions under section 68 without properly analyzing the assessee's financial statements and VAT returns, which were undisputed and did not indicate any discrepancies. The tribunal found that the AO could not reject the assessee's voluntary offer to add 15% of cash sales as unaccounted income and then make an ad hoc addition of 30% without substantive evidence. Since the AO failed to dispute the books of account or stock-in-trade, the 15% addition should have been accepted. Consequently, the appeal was allowed in part by reducing the addition to 15%, quashing the excess ad hoc disallowance.
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