Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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The principal issue was whether books of account could be rejected under s.145 for non-maintenance of item-wise and month-wise stock registers and whether a gross profit estimate could be raised. The Tribunal held that where audited regular books exist, physical year-end stock verification is conducted, major consumable quantities are recorded, and no inflation of purchases or suppression of sales is found, mere non-maintenance of a particular stock register format is not a valid ground to reject accounts; reliance on precedent affirmed this legal basis. Consequently, the arbitrary uplift of gross profit from ~8.5% to 11% and rejection under s.145 were unsustainable and deleted. - ITAT
The principal issue was whether books of account could be rejected under s.145 for non-maintenance of item-wise and month-wise stock registers and whether a gross profit estimate could be raised. The Tribunal held that where audited regular books exist, physical year-end stock verification is conducted, major consumable quantities are recorded, and no inflation of purchases or suppression of sales is found, mere non-maintenance of a particular stock register format is not a valid ground to reject accounts; reliance on precedent affirmed this legal basis. Consequently, the arbitrary uplift of gross profit from ~8.5% to 11% and rejection under s.145 were unsustainable and deleted. - ITAT
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