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 reassessment u/s 147 was invalid as no addition was made on the very issue forming the recorded reasons, the assessee being treated instead as an accommodation entry provider with estimated commission income. Following binding HC precedent, the Tribunal ruled that additions on issues different from the recorded reasons could not be sustained, thereby allowing all six appeals on this primary ground. Additionally, on the alternative merits, ITAT directed that commission income be restricted to 0.50% on outstanding loan liabilities and 0.40% on sale-purchase transactions, and that intra-group transactions be excluded while computing commission income, granting partial relief in estimation.
ITAT held that reassessment u/s 147 was invalid as no addition was made on the very issue forming the recorded reasons, the assessee being treated instead as an accommodation entry provider with estimated commission income. Following binding HC precedent, the Tribunal ruled that additions on issues different from the recorded reasons could not be sustained, thereby allowing all six appeals on this primary ground. Additionally, on the alternative merits, ITAT directed that commission income be restricted to 0.50% on outstanding loan liabilities and 0.40% on sale-purchase transactions, and that intra-group transactions be excluded while computing commission income, granting partial relief in estimation.
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