Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
ITAT held that an ad hoc 20% disallowance of truck rent expenses could not stand where the assessee had filed supporting details, sample invoices and vehicle registration papers, but the AO had not made proper verification, enquiries or rejected the books of account. As similar expenditure in the assessee's own earlier year had been restricted to 2% by a speaking order, and no distinguishing facts were shown, the disallowance was confined to 2%. The separate addition relating to unpaid motor truck rent was not upheld on the existing record and was remanded to the AO for verification after giving the assessee one further opportunity of hearing.
ITAT held that an ad hoc 20% disallowance of truck rent expenses could not stand where the assessee had filed supporting details, sample invoices and vehicle registration papers, but the AO had not made proper verification, enquiries or rejected the books of account. As similar expenditure in the assessee's own earlier year had been restricted to 2% by a speaking order, and no distinguishing facts were shown, the disallowance was confined to 2%. The separate addition relating to unpaid motor truck rent was not upheld on the existing record and was remanded to the AO for verification after giving the assessee one further opportunity of hearing.
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