Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
When a filed return is selected for scrutiny, the scope is ordinarily limited to verifying and disallowing claims and does not permit the Assessing Officer to reduce income voluntarily admitted by the taxpayer; statutory remedies exist to correct any erroneous admission but were not availed here. Circulars relied upon did not require reversion of a voluntarily declared return. A post-survey voluntary declaration incorporated in a later return and not retracted or revised under the Act was treated as conscious admission; the burden to prove evidentiary basis does not shift to the Assessing Officer. Tribunal factual findings upheld; taxpayer appeal dismissed.
When a filed return is selected for scrutiny, the scope is ordinarily limited to verifying and disallowing claims and does not permit the Assessing Officer to reduce income voluntarily admitted by the taxpayer; statutory remedies exist to correct any erroneous admission but were not availed here. Circulars relied upon did not require reversion of a voluntarily declared return. A post-survey voluntary declaration incorporated in a later return and not retracted or revised under the Act was treated as conscious admission; the burden to prove evidentiary basis does not shift to the Assessing Officer. Tribunal factual findings upheld; taxpayer appeal dismissed.
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