Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Where reassessment was initiated within four years, the AO was not required to quantify the alleged escapement in the recorded reasons; reopening to verify impugned transactions was therefore valid. Consequently, the assessee's objection that no addition could be made for purchases from one of the concerned vendors on the ground that such transactions were outside the reopening reasons was rejected, and the AO was held competent to examine and make additions on those purchases. On the genuineness of such purchases and the appropriate disallowance, profit was directed to be estimated at 5% higher than the GP rate disclosed for the year, after granting opportunity of hearing, resulting in partial relief. - ITAT
Where reassessment was initiated within four years, the AO was not required to quantify the alleged escapement in the recorded reasons; reopening to verify impugned transactions was therefore valid. Consequently, the assessee's objection that no addition could be made for purchases from one of the concerned vendors on the ground that such transactions were outside the reopening reasons was rejected, and the AO was held competent to examine and make additions on those purchases. On the genuineness of such purchases and the appropriate disallowance, profit was directed to be estimated at 5% higher than the GP rate disclosed for the year, after granting opportunity of hearing, resulting in partial relief. - ITAT
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