Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Duty drawback was held taxable on actual receipt in the previous year, as section 145B(3), read with section 2(24)(xviii), deems such income to accrue when received by the assessee. The Tribunal found that the assessee's bank records reflected only the amount credited in the profit and loss account, while the AO relied on unconfronted CBEC portal data without furnishing supporting details or independent proof of higher receipt. The differential addition was therefore deleted. As the penalty under section 270A(1) was wholly consequential to the deleted addition and no misreporting survived, the penalty was also set aside.
Duty drawback was held taxable on actual receipt in the previous year, as section 145B(3), read with section 2(24)(xviii), deems such income to accrue when received by the assessee. The Tribunal found that the assessee's bank records reflected only the amount credited in the profit and loss account, while the AO relied on unconfronted CBEC portal data without furnishing supporting details or independent proof of higher receipt. The differential addition was therefore deleted. As the penalty under section 270A(1) was wholly consequential to the deleted addition and no misreporting survived, the penalty was also set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
