Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Tribunal held that estimating undisclosed income by applying a percentage to sales turnover was unsustainable where books showed purchases and sales, payments passed through banking channels, no cash introductions were proved, and AO did not justify the rate; consequently additions based on turnover estimation were deleted. The tribunal upheld allowability of depreciation and indirect/finance expenses because expenditures were recorded, payments evidenced, and no material showed expenses were fictitious. Additions treating intra group unsecured loans as unexplained cash credits were deleted where creditor identity and creditworthiness, ledger entries, repayments, prior advances and bank records supported the transactions.
Tribunal held that estimating undisclosed income by applying a percentage to sales turnover was unsustainable where books showed purchases and sales, payments passed through banking channels, no cash introductions were proved, and AO did not justify the rate; consequently additions based on turnover estimation were deleted. The tribunal upheld allowability of depreciation and indirect/finance expenses because expenditures were recorded, payments evidenced, and no material showed expenses were fictitious. Additions treating intra group unsecured loans as unexplained cash credits were deleted where creditor identity and creditworthiness, ledger entries, repayments, prior advances and bank records supported the transactions.
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