Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Reassessment based only on a Suspicious Transaction Report and an investigation wing report for verifying transactions with suppliers was held bad in law because suspicion-based material did not amount to information suggesting escapement of income. On the merits, the assessee supported the purchases with invoices, ledger accounts, confirmations, bank statements, GST records and other documents, and the Revenue failed to rebut that evidence. The Tribunal held that suspicion cannot replace proof, rejected gross profit estimation on a mere possibility of accommodation entries, and directed deletion of the entire addition. The Revenue's appeal was dismissed and the assessee's cross-objection was allowed.
Reassessment based only on a Suspicious Transaction Report and an investigation wing report for verifying transactions with suppliers was held bad in law because suspicion-based material did not amount to information suggesting escapement of income. On the merits, the assessee supported the purchases with invoices, ledger accounts, confirmations, bank statements, GST records and other documents, and the Revenue failed to rebut that evidence. The Tribunal held that suspicion cannot replace proof, rejected gross profit estimation on a mere possibility of accommodation entries, and directed deletion of the entire addition. The Revenue's appeal was dismissed and the assessee's cross-objection was allowed.
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