Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Rejection of books of account under assessment law led to estimation of income because the assessee could not satisfactorily explain cash deposits in a bank; the assessing officer concluded sales were inflated to understate firm profit, and cash receipts were not shown as explainable sales proceeds. The tribunal noted the business is wholesale beer (lower margins than liquor) and found the disclosed net profit (0.15%) inadequate; it increased the assumed net profit to 0.50% of turnover to address deficiencies and directed the assessing officer to recompute total income accordingly. Appeal partly allowed.
Rejection of books of account under assessment law led to estimation of income because the assessee could not satisfactorily explain cash deposits in a bank; the assessing officer concluded sales were inflated to understate firm profit, and cash receipts were not shown as explainable sales proceeds. The tribunal noted the business is wholesale beer (lower margins than liquor) and found the disclosed net profit (0.15%) inadequate; it increased the assumed net profit to 0.50% of turnover to address deficiencies and directed the assessing officer to recompute total income accordingly. Appeal partly allowed.
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