Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Reopening of assessment was upheld where impounded loose papers and a purchaser's admission provided prima facie material of undisclosed cash consideration, corroborated by matching cheque entries and registered sale deeds; failure of the assessee to specifically seek cross examination at reassessment foreclosed a later natural justice challenge. The impounded documents were treated as reliable corroborative evidence rather than vague papers, and the existence of substantial disparity between recorded and apparent market value reinforced inference of on money. On these grounds the assessing officer's addition as unaccounted sale consideration was held justified and the claim against reassessment failed.
Reopening of assessment was upheld where impounded loose papers and a purchaser's admission provided prima facie material of undisclosed cash consideration, corroborated by matching cheque entries and registered sale deeds; failure of the assessee to specifically seek cross examination at reassessment foreclosed a later natural justice challenge. The impounded documents were treated as reliable corroborative evidence rather than vague papers, and the existence of substantial disparity between recorded and apparent market value reinforced inference of on money. On these grounds the assessing officer's addition as unaccounted sale consideration was held justified and the claim against reassessment failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
