Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
The HC upheld the concurrent findings of the CIT(A) and ITAT that the AO failed to establish a probative nexus between calculated consumption figures and the presumed suppressed yield; therefore the AO's addition for alleged unaccounted production and sales was arbitrary and speculative. Both appellate authorities, after objective appraisal of the evidentiary material, found no adverse material to impeach the assessee's books or to justify rejection of accounts under s.145(3). In consequence, the addition premised on assumed low yield was set aside and the Revenue's appeal dismissed, the courts treating the AO's exercise as conjectural rather than evidential.
The HC upheld the concurrent findings of the CIT(A) and ITAT that the AO failed to establish a probative nexus between calculated consumption figures and the presumed suppressed yield; therefore the AO's addition for alleged unaccounted production and sales was arbitrary and speculative. Both appellate authorities, after objective appraisal of the evidentiary material, found no adverse material to impeach the assessee's books or to justify rejection of accounts under s.145(3). In consequence, the addition premised on assumed low yield was set aside and the Revenue's appeal dismissed, the courts treating the AO's exercise as conjectural rather than evidential.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
