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 upheld the CIT(A)'s approach but dismissed Additional Ground No.1A, finding the Assessing Officer had relied on incriminating material seized from common premises of the group, thereby validating use of those materials. The Tribunal observed the AO's gross commission determination (1.28%) was excessive and, having regard to ITSC findings in the group's case, directed the AO to make a limited adjustment to the assessee's net profit by applying half the rate adopted by the ITSC. The resultant additional net profit rate is 0.0375% over the income declared in the return. Appeal disposed of against the revenue.
ITAT upheld the CIT(A)'s approach but dismissed Additional Ground No.1A, finding the Assessing Officer had relied on incriminating material seized from common premises of the group, thereby validating use of those materials. The Tribunal observed the AO's gross commission determination (1.28%) was excessive and, having regard to ITSC findings in the group's case, directed the AO to make a limited adjustment to the assessee's net profit by applying half the rate adopted by the ITSC. The resultant additional net profit rate is 0.0375% over the income declared in the return. Appeal disposed of against the revenue.
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