Retrospective invalidity of ocean-freight IGST supports refunds despite non-party status and prior credit utilisation, subject to authorised appeal gr...
Additional evidence in departmental appeals may include show-cause-notice material without introducing a new case where it merely corroborates existin...
Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income com...
Modified returns after business reorganisations cannot trigger fresh scrutiny once the original assessment was complete, invalidating related transfer...
Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Penalty for deemed income based solely on stamp-duty valuation is not justified where the taxpayer disclosed the registered deed, bank statements and payment details, and there is no finding that actual consideration exceeded the stated amount or that disclosures were false. Although statutory substitution of stamp-duty value can support an assessment addition, it does not alone establish concealment or inaccurate particulars, and the conditions for penalty are not met where the explanation is not found false. Acceptance of the addition does not admit that the stated consideration was untrue. Conversely, a notice expressly alleging concealment provides a specific charge when the penalty rests on that same allegation.
Penalty for deemed income based solely on stamp-duty valuation is not justified where the taxpayer disclosed the registered deed, bank statements and payment details, and there is no finding that actual consideration exceeded the stated amount or that disclosures were false. Although statutory substitution of stamp-duty value can support an assessment addition, it does not alone establish concealment or inaccurate particulars, and the conditions for penalty are not met where the explanation is not found false. Acceptance of the addition does not admit that the stated consideration was untrue. Conversely, a notice expressly alleging concealment provides a specific charge when the penalty rests on that same allegation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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