Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
Admissibility of additional evidence submitted during remand reconciled GSTR 1 entries with profit and loss turnover, leading to deletion of a turnover discrepancy addition because the Assessing Officer's remand report attributed the variance to earlier years. Recognition of interest on service concession receivable and deferred retention liability in the profit and loss account was treated as notional income recorded to comply with accounting standards (IND AS) and not taxable as actual income in the relevant year; the Tribunal sustained deletion of the section 56 addition, noting subsequent assessments accepted actual annuity interest treatment. Revenue appeal dismissed on both points.
Admissibility of additional evidence submitted during remand reconciled GSTR 1 entries with profit and loss turnover, leading to deletion of a turnover discrepancy addition because the Assessing Officer's remand report attributed the variance to earlier years. Recognition of interest on service concession receivable and deferred retention liability in the profit and loss account was treated as notional income recorded to comply with accounting standards (IND AS) and not taxable as actual income in the relevant year; the Tribunal sustained deletion of the section 56 addition, noting subsequent assessments accepted actual annuity interest treatment. Revenue appeal dismissed on both points.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
