Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
