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...
The Tribunal held that sales to the assessee's partnership firm were genuine because the alleged bogus-sales finding rested only on third-party statements, while GST returns, Form 26AS, ledger accounts and bank evidence consistently supported the transactions. It noted that corresponding purchases were accepted, stock reduced on sale, and no defect was found in the documentary records or any incriminating material in search. In the absence of material showing the transactions were sham, the Revenue could not estimate commission or profit at 8% on assumptions and conjecture. The addition based on alleged bogus sales was deleted and the appeal was partly allowed.
The Tribunal held that sales to the assessee's partnership firm were genuine because the alleged bogus-sales finding rested only on third-party statements, while GST returns, Form 26AS, ledger accounts and bank evidence consistently supported the transactions. It noted that corresponding purchases were accepted, stock reduced on sale, and no defect was found in the documentary records or any incriminating material in search. In the absence of material showing the transactions were sham, the Revenue could not estimate commission or profit at 8% on assumptions and conjecture. The addition based on alleged bogus sales was deleted and the appeal was partly allowed.
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