Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Section 153C was upheld where the search warrant named only the searched persons, and the assessee's residence was covered in the course of that search, so the objection that assessment had to be framed under section 153A failed. Commission income from alleged hawala transactions was estimated at 0.3% of turnover because no evidence showed actual receipt and the higher rate was excessive. Cash found during search remained unexplained because the assessee produced no documentary proof to rebut the presumption arising from possession. A seized third-party voucher and loose papers were insufficient without independent corroboration, while the jewellery addition was deleted in light of customary family holdings and prior disclosures.
Section 153C was upheld where the search warrant named only the searched persons, and the assessee's residence was covered in the course of that search, so the objection that assessment had to be framed under section 153A failed. Commission income from alleged hawala transactions was estimated at 0.3% of turnover because no evidence showed actual receipt and the higher rate was excessive. Cash found during search remained unexplained because the assessee produced no documentary proof to rebut the presumption arising from possession. A seized third-party voucher and loose papers were insufficient without independent corroboration, while the jewellery addition was deleted in light of customary family holdings and prior disclosures.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
