Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Where books of account were unavailable and not accepted, the tribunal treated the presumptive scheme under section 44AE as a reasonable guiding yardstick for estimating income from transport business though the statutory ceiling did not strictly apply; it directed recomputation of income by applying the section 44AE rates as a benchmark. The tribunal held that consequential additions and disallowances linked to business records-earlier made under allegations of unexplained cash credits, sundry creditors/debtors and tax withholding defaults-are subsumed in the presumptive estimate and must be deleted unless Revenue proves they are independent unexplained income. Capital-gains claim remitted for fresh consideration.
Where books of account were unavailable and not accepted, the tribunal treated the presumptive scheme under section 44AE as a reasonable guiding yardstick for estimating income from transport business though the statutory ceiling did not strictly apply; it directed recomputation of income by applying the section 44AE rates as a benchmark. The tribunal held that consequential additions and disallowances linked to business records-earlier made under allegations of unexplained cash credits, sundry creditors/debtors and tax withholding defaults-are subsumed in the presumptive estimate and must be deleted unless Revenue proves they are independent unexplained income. Capital-gains claim remitted for fresh consideration.
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