Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
In absence of any incriminating material found in the search, mere reliance on a statement recorded u/s 132(4) and a higher net profit in a later year was held insufficient to enhance the returned profit; the estimated net profit rate of 11% was set aside and the returned profit was directed to be accepted. Addition u/s 56(2)(vii)(b) for alleged undervaluation of immovable property was held unsustainable due to non-speaking rejection of the explanation and an erroneous valuation basis; the addition was deleted. Approval for post-search reassessment was found mechanical and vitiated, and jurisdiction u/s 147/148 was held invalid absent "reasons to believe" founded on incriminating material; the assessment was annulled, with consequential deletions/reliefs including gift and agricultural income issues and allowance u/s 54F. - ITAT
In absence of any incriminating material found in the search, mere reliance on a statement recorded u/s 132(4) and a higher net profit in a later year was held insufficient to enhance the returned profit; the estimated net profit rate of 11% was set aside and the returned profit was directed to be accepted. Addition u/s 56(2)(vii)(b) for alleged undervaluation of immovable property was held unsustainable due to non-speaking rejection of the explanation and an erroneous valuation basis; the addition was deleted. Approval for post-search reassessment was found mechanical and vitiated, and jurisdiction u/s 147/148 was held invalid absent "reasons to believe" founded on incriminating material; the assessment was annulled, with consequential deletions/reliefs including gift and agricultural income issues and allowance u/s 54F. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
