Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
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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