Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Ad hoc gross profit estimation was held inappropriate where the Revenue sought to reject books of account after a survey and treat surrendered excess stock as a basis for additional income. The Tribunal noted that gross profit rates may vary between pre-survey and post-survey periods because market prices fluctuate, and that excess stock found in survey must be brought into the books and reflected in closing stock at the lower of cost or market price under AS-2. On that reasoning, the books could not be rejected on the stated grounds and the addition founded on ad hoc gross profit estimation was not sustainable.
Ad hoc gross profit estimation was held inappropriate where the Revenue sought to reject books of account after a survey and treat surrendered excess stock as a basis for additional income. The Tribunal noted that gross profit rates may vary between pre-survey and post-survey periods because market prices fluctuate, and that excess stock found in survey must be brought into the books and reflected in closing stock at the lower of cost or market price under AS-2. On that reasoning, the books could not be rejected on the stated grounds and the addition founded on ad hoc gross profit estimation was not sustainable.
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