Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
ITAT determined that excess stock discovered on survey comprised trading/manufacturing goods and constituted income from business; therefore it should be assessed under the head 'income from business' rather than as deemed income attractable to special taxation provisions. The tribunal found admissions during survey and absence of evidence of non-business sources supported business classification, directed the AO to permit set off of current year and carried forward business losses and depreciation against the assessed business income, and directed that special rate taxation provisions not be applied.
ITAT determined that excess stock discovered on survey comprised trading/manufacturing goods and constituted income from business; therefore it should be assessed under the head 'income from business' rather than as deemed income attractable to special taxation provisions. The tribunal found admissions during survey and absence of evidence of non-business sources supported business classification, directed the AO to permit set off of current year and carried forward business losses and depreciation against the assessed business income, and directed that special rate taxation provisions not be applied.
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