Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Dominant issue 1: Whether unexplained "on-money" from sale of units could be added where search produced loose slips but no corroborative evidence. Reasoning: The tribunal applied the principle in Umacharan Shaw that suspicion cannot substitute evidence and found the AO and CIT(A) relied on assumptions without corroboration; consequence-all on-money additions for the two projects were deleted. Dominant issue 2: Whether deemed rent under s.23(5) is exigible for unsold units. Reasoning: s.23(5) mandates deemed rent after two years from building-use permission and contains no carve-out for pre-enactment projects; absence of evidence of actual letting justified estimate; consequence-the deemed rent addition at 3% was sustained and that ground dismissed. - ITAT
Dominant issue 1: Whether unexplained "on-money" from sale of units could be added where search produced loose slips but no corroborative evidence. Reasoning: The tribunal applied the principle in Umacharan Shaw that suspicion cannot substitute evidence and found the AO and CIT(A) relied on assumptions without corroboration; consequence-all on-money additions for the two projects were deleted. Dominant issue 2: Whether deemed rent under s.23(5) is exigible for unsold units. Reasoning: s.23(5) mandates deemed rent after two years from building-use permission and contains no carve-out for pre-enactment projects; absence of evidence of actual letting justified estimate; consequence-the deemed rent addition at 3% was sustained and that ground dismissed. - ITAT
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