Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
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 4821 
Join Channel 
