Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
ITAT dismissed the assessee's challenge to the transfer of jurisdiction u/s 127, holding that participation in assessment without timely objection u/s 124(3) precluded such plea. ITAT upheld the estimation of gross profit at 35% for AYs 2005-06 and 2006-07 as reasonable, based on the assessee's own past results and telescoping already granted. For AY 2007-08, ITAT rejected further GP addition, holding no basis for enhancement post-search. Additions towards alleged unaccounted initial investment in stock, unexplained investment in immovable property, unaccounted stock (gold and major part of silver), unexplained cash/advances u/ss 69A/69C, loose papers (including "Roop Sangam"), and gold transactions with a third party were all deleted for lack of corroborative evidence and to avoid double taxation. Overall, Revenue's multiple additions were largely disallowed, save for sustained GP estimation for specified years.
ITAT dismissed the assessee's challenge to the transfer of jurisdiction u/s 127, holding that participation in assessment without timely objection u/s 124(3) precluded such plea. ITAT upheld the estimation of gross profit at 35% for AYs 2005-06 and 2006-07 as reasonable, based on the assessee's own past results and telescoping already granted. For AY 2007-08, ITAT rejected further GP addition, holding no basis for enhancement post-search. Additions towards alleged unaccounted initial investment in stock, unexplained investment in immovable property, unaccounted stock (gold and major part of silver), unexplained cash/advances u/ss 69A/69C, loose papers (including "Roop Sangam"), and gold transactions with a third party were all deleted for lack of corroborative evidence and to avoid double taxation. Overall, Revenue's multiple additions were largely disallowed, save for sustained GP estimation for specified years.
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