Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Revision under section 263 was examined regarding additions for allegedly unexplained purchases/sales and allied issues. Where the seller's sales had already been accepted/settled in first appeal, the same transactions could not be treated as unexplained in the purchaser's hands, and the revisional direction could not nullify the CIT(A)'s finding; section 263 jurisdiction was held improperly exercised to that extent. However, for purchases from another supplier whose sales were not shown to have been accepted and where the AO had made a bogus sales addition after PMGKY surrender, the AO's enquiry was held incomplete, justifying set-aside for de novo consideration. The unexplained difference between audited P&L profit and computed income also warranted de novo examination, and audit-objection-based initiation was upheld. Appeal partly allowed. - ITAT
Revision under section 263 was examined regarding additions for allegedly unexplained purchases/sales and allied issues. Where the seller's sales had already been accepted/settled in first appeal, the same transactions could not be treated as unexplained in the purchaser's hands, and the revisional direction could not nullify the CIT(A)'s finding; section 263 jurisdiction was held improperly exercised to that extent. However, for purchases from another supplier whose sales were not shown to have been accepted and where the AO had made a bogus sales addition after PMGKY surrender, the AO's enquiry was held incomplete, justifying set-aside for de novo consideration. The unexplained difference between audited P&L profit and computed income also warranted de novo examination, and audit-objection-based initiation was upheld. Appeal partly allowed. - ITAT
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