Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Addition based on bank stock statements was sustained where the assessee did not deny availing overdraft consistent with those statements; the tribunal treated the stock as declared in the bank-filed statement. The reasoning emphasises that the statement, though unsigned by some partners, was prepared by the bank's godown keeper, linked directly to the client's drawing power, and supported by the bank manager's testimony. The assessee was given opportunity to rebut but produced no contrary evidence; consequently the stock statement's evidentiary weight was accepted and the assessment decision adverse to the assessee was maintained.
Addition based on bank stock statements was sustained where the assessee did not deny availing overdraft consistent with those statements; the tribunal treated the stock as declared in the bank-filed statement. The reasoning emphasises that the statement, though unsigned by some partners, was prepared by the bank's godown keeper, linked directly to the client's drawing power, and supported by the bank manager's testimony. The assessee was given opportunity to rebut but produced no contrary evidence; consequently the stock statement's evidentiary weight was accepted and the assessment decision adverse to the assessee was maintained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
