Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
Unverifiable purchases and unreliable account records justified rejection of books and estimation of gross profit by applying the average gross profit rate of the preceding two years, because the assessee failed to produce primary supporting material and enquiries showed most purchase parties were non-genuine. The addition based on estimated profit was sustained for AY 2021-22. Cash deposited in the bank during the demonetisation period was also treated as unexplained money, as the deposit was verified from bank information and the assessee furnished no supporting evidence for its source. The addition under section 69A was confirmed for AY 2017-18.
Unverifiable purchases and unreliable account records justified rejection of books and estimation of gross profit by applying the average gross profit rate of the preceding two years, because the assessee failed to produce primary supporting material and enquiries showed most purchase parties were non-genuine. The addition based on estimated profit was sustained for AY 2021-22. Cash deposited in the bank during the demonetisation period was also treated as unexplained money, as the deposit was verified from bank information and the assessee furnished no supporting evidence for its source. The addition under section 69A was confirmed for AY 2017-18.
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