Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Tribunal addressed estimated additions made by the AO over recorded purchase and sales without first rejecting the books of account under applicable provisions; it held that where the AO accepts the genuineness of books he cannot independently compute estimated unrecorded sales or commission income without invoking rejection/estimation provisions, and such additions are arbitrary and unlawful. The Tribunal directed deletion of the estimated addition and allowed the appeal, applying precedent that books must be rejected before making estimation-based additions.
Tribunal addressed estimated additions made by the AO over recorded purchase and sales without first rejecting the books of account under applicable provisions; it held that where the AO accepts the genuineness of books he cannot independently compute estimated unrecorded sales or commission income without invoking rejection/estimation provisions, and such additions are arbitrary and unlawful. The Tribunal directed deletion of the estimated addition and allowed the appeal, applying precedent that books must be rejected before making estimation-based additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
