Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
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...
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In retail liquor business out-of-books transactions, only the profit element embedded in the unaccounted activity was held taxable, not the gross purchases or duplicated sales stream. The Tribunal found a close nexus between unaccounted purchases, unaccounted sales and cash collections, and restricted the addition to 3% of the relevant unaccounted transactions while deleting the separate substantive and protective additions based on gross purchases and related advances. It further held that cash already deposited in regular bank accounts could not again be treated as unaccounted sales, so the balance alone was subject to 3% estimation. Cash found at the premises was also deleted where the cash book explained availability and telescoping of estimated income was accepted.
In retail liquor business out-of-books transactions, only the profit element embedded in the unaccounted activity was held taxable, not the gross purchases or duplicated sales stream. The Tribunal found a close nexus between unaccounted purchases, unaccounted sales and cash collections, and restricted the addition to 3% of the relevant unaccounted transactions while deleting the separate substantive and protective additions based on gross purchases and related advances. It further held that cash already deposited in regular bank accounts could not again be treated as unaccounted sales, so the balance alone was subject to 3% estimation. Cash found at the premises was also deleted where the cash book explained availability and telescoping of estimated income was accepted.
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