Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
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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