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...
ITAT held that impugned additions made on the basis of an impounded third-party ledger could not be sustained and allowed the assessee's grounds. The Tribunal found the reproduced document belonged to third parties and, under Section 292C, its contents must be construed in favour of the assessee where the document is not self-speaking as proof of the assessee's income. The assessee, a property broker, could not be compelled to produce third-party originals; photocopies matching Party B's bank statement and confirmations of cheque issuance rebutted adverse inference. AO and lower authorities failed to undertake further inquiry despite having statutory powers; accordingly the additions were deleted and the assessment adjusted in favour of the assessee.
ITAT held that impugned additions made on the basis of an impounded third-party ledger could not be sustained and allowed the assessee's grounds. The Tribunal found the reproduced document belonged to third parties and, under Section 292C, its contents must be construed in favour of the assessee where the document is not self-speaking as proof of the assessee's income. The assessee, a property broker, could not be compelled to produce third-party originals; photocopies matching Party B's bank statement and confirmations of cheque issuance rebutted adverse inference. AO and lower authorities failed to undertake further inquiry despite having statutory powers; accordingly the additions were deleted and the assessment adjusted in favour of the assessee.
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