Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT held that, in a best judgment assessment for gross profit estimation, the assessee's earlier year on identical facts provided the proper benchmark. The ad hoc estimation of income at 2 per cent of turnover was rejected because no distinguishing feature was shown, and income was directed to be computed at 0.40 per cent of gross sales. On the penalty issue, the Tribunal held that once substantial relief was granted in quantum and the basis of estimation was substituted, the foundation for penalty for inaccurate particulars did not survive. The penalty was therefore deleted.
ITAT held that, in a best judgment assessment for gross profit estimation, the assessee's earlier year on identical facts provided the proper benchmark. The ad hoc estimation of income at 2 per cent of turnover was rejected because no distinguishing feature was shown, and income was directed to be computed at 0.40 per cent of gross sales. On the penalty issue, the Tribunal held that once substantial relief was granted in quantum and the basis of estimation was substituted, the foundation for penalty for inaccurate particulars did not survive. The penalty was therefore deleted.
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