Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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...
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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