Anticipatory Bail granted on conditions balancing presumption of innocence with investigative needs; passport surrender and regular attendance require...
Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Taxability of excess stock discovered on survey: where excess items formed part of undifferentiated total stock discovered before year-end and the assessee admitted and included the amount in the profit and loss account and return, the excess represents undeclared business receipts rather than an identifiable investment. Applying settled authority, the deeming fiction for unexplained investment cannot be invoked for non-identifiable mixed stock and the special tax rate provision does not apply where the amount is offered and accepted as business income. Outcome: appeal allowed; excess stock taxed as business income, not under unexplained investment rules.
Taxability of excess stock discovered on survey: where excess items formed part of undifferentiated total stock discovered before year-end and the assessee admitted and included the amount in the profit and loss account and return, the excess represents undeclared business receipts rather than an identifiable investment. Applying settled authority, the deeming fiction for unexplained investment cannot be invoked for non-identifiable mixed stock and the special tax rate provision does not apply where the amount is offered and accepted as business income. Outcome: appeal allowed; excess stock taxed as business income, not under unexplained investment rules.
Note: It is a system-generated summary and is for quick reference only.
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