Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
Assessing Officer recalculated and adopted a fair market value for land at the time of its conversion into stock in trade but failed to apply that same value when computing business income and cost of acquisition, generating a mistake apparent on record. The appellate authority corrected this by treating the fair market value at conversion as the cost for subsequent business profit computation, deleting the addition. The tribunal found the appellate officer properly exercised appellate powers under the statute to rectify the evident error and upheld the appellate order, deciding against the revenue.
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