Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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.
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