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...
Dominant issue was the appropriate profit rate for estimating business income where the first appellate authority recharacterised the income as business income and applied a higher estimated margin. The Tribunal held that, absent any distinguishing facts, abnormal features, or benchmarking with comparable businesses, estimation must remain reasonable and consistent with accepted past results. Since the taxpayer's 6% profit rate was aligned with earlier years' assessments accepted by the department, and the appellate authority provided no comparables or specific basis for enhancing it to 10%, the enhancement was unsustainable. The profit rate was directed to be taken at 6%, and the appeal was allowed. - ITAT
Dominant issue was the appropriate profit rate for estimating business income where the first appellate authority recharacterised the income as business income and applied a higher estimated margin. The Tribunal held that, absent any distinguishing facts, abnormal features, or benchmarking with comparable businesses, estimation must remain reasonable and consistent with accepted past results. Since the taxpayer's 6% profit rate was aligned with earlier years' assessments accepted by the department, and the appellate authority provided no comparables or specific basis for enhancing it to 10%, the enhancement was unsustainable. The profit rate was directed to be taken at 6%, and the appeal was allowed. - ITAT
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