Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Where an addition in assessment arose solely from an estimation of non-genuine purchases and the taxable profit element was computed on that estimate, the statutory threshold for levying a penalty for concealment or furnishing inaccurate particulars was not met. Precedents establish that estimate-based disallowances, made without concrete evidence of deliberate concealment, do not attract penalty liability. Applying that principle, the tribunal directed deletion of the penalty levied in respect of the assessment year because the impugned addition was founded on estimate and therefore did not justify a penalty.
Where an addition in assessment arose solely from an estimation of non-genuine purchases and the taxable profit element was computed on that estimate, the statutory threshold for levying a penalty for concealment or furnishing inaccurate particulars was not met. Precedents establish that estimate-based disallowances, made without concrete evidence of deliberate concealment, do not attract penalty liability. Applying that principle, the tribunal directed deletion of the penalty levied in respect of the assessment year because the impugned addition was founded on estimate and therefore did not justify a penalty.
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