Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT upheld the assessment of unaccounted income derived from land transactions involving the assessee acting as an agent for Sahara India Commercial Corporation Ltd., confirming a principal-agent relationship rather than principal-to-principal. The tribunal affirmed the estimation of profit at 20% on bogus bills based on seized documents and statements, directing the AO to recompute net profit accordingly. Additions under sections 40A(3) and 37(1) were disallowed as payments were made on Sahara's instructions via account payee cheques. Interest income accrued and identified from seized material was rightly taxed without telescoping. Notional interest on interest-free advances was deleted, as no diversion of borrowed funds was established. Additions for unexplained cash deposits and loose papers were deleted due to lack of corroborative evidence and acceptance of cash flow in regular books. The CIT(A)'s deletion of unsustainable additions was affirmed, and reassessment directed only on the profit estimation.
The ITAT upheld the assessment of unaccounted income derived from land transactions involving the assessee acting as an agent for Sahara India Commercial Corporation Ltd., confirming a principal-agent relationship rather than principal-to-principal. The tribunal affirmed the estimation of profit at 20% on bogus bills based on seized documents and statements, directing the AO to recompute net profit accordingly. Additions under sections 40A(3) and 37(1) were disallowed as payments were made on Sahara's instructions via account payee cheques. Interest income accrued and identified from seized material was rightly taxed without telescoping. Notional interest on interest-free advances was deleted, as no diversion of borrowed funds was established. Additions for unexplained cash deposits and loose papers were deleted due to lack of corroborative evidence and acceptance of cash flow in regular books. The CIT(A)'s deletion of unsustainable additions was affirmed, and reassessment directed only on the profit estimation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
