Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Ad hoc disallowance of alleged bogus purchases was held unsustainable where purchases were recorded, paid through banking channels and supported by invoices, transport records and stock data, and the books were not rejected. Warranty expenditure was allowed on the basis of consistent accounting treatment, business nexus and absence of incriminating material. Commission expenditure was also allowed because payments were banked, tax was deducted at source and the same disallowance had earlier been deleted without further challenge. In search-related reassessment, the special statutory route prevailed over general scrutiny assessment, and non-compliance with the mandatory procedure rendered the assessments without jurisdiction. Cash found during search could not be telescoped against unaccounted sales, but excess finished stock was telescoped against undisclosed business income.
Ad hoc disallowance of alleged bogus purchases was held unsustainable where purchases were recorded, paid through banking channels and supported by invoices, transport records and stock data, and the books were not rejected. Warranty expenditure was allowed on the basis of consistent accounting treatment, business nexus and absence of incriminating material. Commission expenditure was also allowed because payments were banked, tax was deducted at source and the same disallowance had earlier been deleted without further challenge. In search-related reassessment, the special statutory route prevailed over general scrutiny assessment, and non-compliance with the mandatory procedure rendered the assessments without jurisdiction. Cash found during search could not be telescoped against unaccounted sales, but excess finished stock was telescoped against undisclosed business income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
