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 allowed the appeal of the assessee and deleted additions under ss. 69A, 69 and 69C. The Tribunal held that documentary evidence (including a VDIS certificate, notarised wills and stamped agreements) and family member statements satisfactorily explained jewellery seized during search; AO's treatment of specified jewellery as unexplained was unjustified. The Tribunal further found the house-construction addition to be based on mere presumption as contractor bills lacked proof of payment and the admitted settled amount recorded in books was supported by documents. Finally, household-expense addition based on a diary in the wife's handwriting was rebutted by recorded family withdrawals. ITAT set aside CIT(A)'s findings and directed the AO to delete the respective additions.
ITAT allowed the appeal of the assessee and deleted additions under ss. 69A, 69 and 69C. The Tribunal held that documentary evidence (including a VDIS certificate, notarised wills and stamped agreements) and family member statements satisfactorily explained jewellery seized during search; AO's treatment of specified jewellery as unexplained was unjustified. The Tribunal further found the house-construction addition to be based on mere presumption as contractor bills lacked proof of payment and the admitted settled amount recorded in books was supported by documents. Finally, household-expense addition based on a diary in the wife's handwriting was rebutted by recorded family withdrawals. ITAT set aside CIT(A)'s findings and directed the AO to delete the respective additions.
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