Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
ITAT addressed taxation of income declared on excess stock found during survey, applying the principle that surrendered income arising from the same business activities must be taxed as business income rather than treated as undisclosed investment; outcome: CIT(A)'s direction to treat the surrender as regular business income is upheld. On disallowance of expenses for lack of documentary support, AO's additions were restored because vouchers were treated as self-made and expenses paid in cash. Claims for twice-booked meal expenses were disallowed and CIT(A)'s partial relief set aside. Vehicle expenditure disallowance based on absence of logbook/support was also restored to the AO's higher disallowance.
ITAT addressed taxation of income declared on excess stock found during survey, applying the principle that surrendered income arising from the same business activities must be taxed as business income rather than treated as undisclosed investment; outcome: CIT(A)'s direction to treat the surrender as regular business income is upheld. On disallowance of expenses for lack of documentary support, AO's additions were restored because vouchers were treated as self-made and expenses paid in cash. Claims for twice-booked meal expenses were disallowed and CIT(A)'s partial relief set aside. Vehicle expenditure disallowance based on absence of logbook/support was also restored to the AO's higher disallowance.
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