Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Whether distinct NP rates applied to separate businesses: AO applied a uniform 8% NP rate to both iron-scrap and livestock sales without any intelligible differentia; books of account contained no pointed defects. Tribunal accepted CIT(A)'s reliance on comparable assessments showing NP rates of 0.15-0.23% for livestock turnover and held that differential cost structures warrant a lower NP rate for animal sales; consequently the 0.22% NP rate was applied to livestock/animal sales and the AO's uniform 8% determination was set aside - ITAT
Whether distinct NP rates applied to separate businesses: AO applied a uniform 8% NP rate to both iron-scrap and livestock sales without any intelligible differentia; books of account contained no pointed defects. Tribunal accepted CIT(A)'s reliance on comparable assessments showing NP rates of 0.15-0.23% for livestock turnover and held that differential cost structures warrant a lower NP rate for animal sales; consequently the 0.22% NP rate was applied to livestock/animal sales and the AO's uniform 8% determination was set aside - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
