Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Admissibility of seized diaries showing unaccounted sales under code "802" was accepted as business records and the Tribunal estimated unaccounted business income by applying a 2.5% net profit margin on gross receipts, the addition to be over and above returned income. Once profit on those receipts is taxed, subsequent additions for payments or investments funded from the same receipts (including payment to a jewellery supplier and acquisition of jewellery and bars) were deleted. Separate additions for an alleged cash payment, payments to an identified individual, land deal cash, and a vehicle payment were set aside for lack of corroborative evidence or because they were subsumed by the profit estimation; telescoping benefit was allowed.
Admissibility of seized diaries showing unaccounted sales under code "802" was accepted as business records and the Tribunal estimated unaccounted business income by applying a 2.5% net profit margin on gross receipts, the addition to be over and above returned income. Once profit on those receipts is taxed, subsequent additions for payments or investments funded from the same receipts (including payment to a jewellery supplier and acquisition of jewellery and bars) were deleted. Separate additions for an alleged cash payment, payments to an identified individual, land deal cash, and a vehicle payment were set aside for lack of corroborative evidence or because they were subsumed by the profit estimation; telescoping benefit was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
