Expenses for overseas film shooting treated as services availed outside India, so no reverse charge service tax liability; cenvat reversals and penalt...
Electricity consumptionbased clandestine production estimates under the repealed Central Excise Act found insufficient; demand quashed and appeals all...
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Issue 1 - Unexplained investment under section 69A: tribunal found ledger and monthly summaries of proprietor's drawings (narrating cash withdrawals used to purchase the site) constituted prima facie source for the cash payments, though these records were not produced before the AO; consequence: matter remitted to the AO to consider the documents filed before the tribunal (and any further evidence) and decide in accordance with law after hearing the assessee. Issue 2 - Net-profit determination: AO's adoption of 8% standard profit was unsupported, whereas audited books and industry comparables justified the declared 7% margin; consequence: addition confirmed by lower authorities set aside and appeal allowed. - ITAT
Issue 1 - Unexplained investment under section 69A: tribunal found ledger and monthly summaries of proprietor's drawings (narrating cash withdrawals used to purchase the site) constituted prima facie source for the cash payments, though these records were not produced before the AO; consequence: matter remitted to the AO to consider the documents filed before the tribunal (and any further evidence) and decide in accordance with law after hearing the assessee. Issue 2 - Net-profit determination: AO's adoption of 8% standard profit was unsupported, whereas audited books and industry comparables justified the declared 7% margin; consequence: addition confirmed by lower authorities set aside and appeal allowed. - ITAT
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