Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Books of account cannot be rejected merely because some invoices were not produced or suppliers did not respond to notices under section 133(6), where no specific defect or deficiency is found in the accounts. The Tribunal noted that the assessee's sales pattern showed consistency and that the AO had not identified any concrete infirmity in the maintained books. Estimation of profit at 8% of turnover was therefore unsustainable, and the addition based on wrongful rejection of books was deleted. The CIT(A)'s order upholding the assessment was set aside.
Books of account cannot be rejected merely because some invoices were not produced or suppliers did not respond to notices under section 133(6), where no specific defect or deficiency is found in the accounts. The Tribunal noted that the assessee's sales pattern showed consistency and that the AO had not identified any concrete infirmity in the maintained books. Estimation of profit at 8% of turnover was therefore unsustainable, and the addition based on wrongful rejection of books was deleted. The CIT(A)'s order upholding the assessment was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
