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...
The ITAT held that the assessing officer must compute tax liability on the addition under section 69A at the 30% rate prescribed by the pre-amended section 115BBE, rejecting application of the post-amendment 60% rate; the Tribunal followed the reasoning of its coordinate bench and applied precedent to direct reassessment consistent with the pre-amendment regime. The AO is directed to determine tax on the specified addition accordingly, with consequential adjustments as necessary. The additional ground invoked by the assessee is allowed and the matter is remitted for computation and assessment in accordance with this direction.
The ITAT held that the assessing officer must compute tax liability on the addition under section 69A at the 30% rate prescribed by the pre-amended section 115BBE, rejecting application of the post-amendment 60% rate; the Tribunal followed the reasoning of its coordinate bench and applied precedent to direct reassessment consistent with the pre-amendment regime. The AO is directed to determine tax on the specified addition accordingly, with consequential adjustments as necessary. The additional ground invoked by the assessee is allowed and the matter is remitted for computation and assessment in accordance with this direction.
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