Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
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Peak credit theory was applied to unexplained advances for land purchase, and the additional addition was deleted because the issue was already covered by the assessee's earlier years. Disallowance under section 40(a)(ia) was removed where the lender had already recorded the interest and paid tax, so no default by the assessee was found. On job work receipts, only the income component was taxable and the 12 per cent profit estimate was sustained. Cash advances for land purchase did not attract section 40A(3) because they were advances, not claimed expenditure. Restricted interest disallowance under section 36(1)(iii) was upheld for unexplained advances. Artificially inflated work-in-progress based on survey surrender was reduced to avoid a future deduction for expenditure never incurred.
Peak credit theory was applied to unexplained advances for land purchase, and the additional addition was deleted because the issue was already covered by the assessee's earlier years. Disallowance under section 40(a)(ia) was removed where the lender had already recorded the interest and paid tax, so no default by the assessee was found. On job work receipts, only the income component was taxable and the 12 per cent profit estimate was sustained. Cash advances for land purchase did not attract section 40A(3) because they were advances, not claimed expenditure. Restricted interest disallowance under section 36(1)(iii) was upheld for unexplained advances. Artificially inflated work-in-progress based on survey surrender was reduced to avoid a future deduction for expenditure never incurred.
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