MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
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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