Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
A provisional stock statement furnished to a bank for cash credit purposes could not displace audited closing stock where the Assessing Officer found no defect in the books, stock records, or valuation method and did not reject the accounts. The Tribunal accepted that the banking figures were estimated and also materially differed in sales, debtors, and creditors, showing they were not final accounts. It further held that any increase in closing stock would require a corresponding opening stock adjustment in the next year, making the proposed addition revenue-neutral where the tax rate and positive taxable income remained the same. The addition was therefore deleted.
A provisional stock statement furnished to a bank for cash credit purposes could not displace audited closing stock where the Assessing Officer found no defect in the books, stock records, or valuation method and did not reject the accounts. The Tribunal accepted that the banking figures were estimated and also materially differed in sales, debtors, and creditors, showing they were not final accounts. It further held that any increase in closing stock would require a corresponding opening stock adjustment in the next year, making the proposed addition revenue-neutral where the tax rate and positive taxable income remained the same. The addition was therefore deleted.
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