Human-probability test defeats political donation deductions where banking records mask accommodation-entry fund layering rather than genuine contribu...
Electronic evidence and search statements in tax assessments require authenticity review and corroboration, while procedural manuals lack statutory fo...
Tariff rate quota authorisations govern preferential imports of specified New Zealand goods through export certification and electronic customs debiti...
Electronic Continuity Bond Registration replaces manual container permissions, with quarterly reporting and re-export monitoring for duty-free contain...
Reopening of assessment under sections 147/148 was quashed where the recorded reasons and administrative approval proceeded on the erroneous factual premise that no return was filed, demonstrating a failure of application of mind and vitiating jurisdiction. On the merits, the tribunal reaffirmed that for additions under section 68 the assessee must first prove identity, creditworthiness and genuineness; once documentary evidence is produced the AO bears the burden to rebut with cogent material, which was not done here, so additions were deleted. An addition characterised as unexplained expenditure was also deleted where it was recorded as pre operative expenditure in audited books not rejected under section 145(3).
Reopening of assessment under sections 147/148 was quashed where the recorded reasons and administrative approval proceeded on the erroneous factual premise that no return was filed, demonstrating a failure of application of mind and vitiating jurisdiction. On the merits, the tribunal reaffirmed that for additions under section 68 the assessee must first prove identity, creditworthiness and genuineness; once documentary evidence is produced the AO bears the burden to rebut with cogent material, which was not done here, so additions were deleted. An addition characterised as unexplained expenditure was also deleted where it was recorded as pre operative expenditure in audited books not rejected under section 145(3).
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TaxTMI 
TaxTMI 
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