Suspension of insolvency professional registration prevents continued Resolution Professional appointments and restricts interim stays that effectivel...
Original works exemption for railway contracts depends on actual integrated construction scope, while accessible tax data defeats suppression allegati...
Survey surrender characterisation determines whether mixed excess stock and business-linked cash face normal taxation or special deemed-income taxatio...
Cash-payment disallowance under section 40A(3) requires verified foundational facts: payments exceeding the prescribed limit to a particular payee on a particular day, supported by examination of books, vouchers and potential Rule 6DD exceptions. Assumptions about abnormal profit rates cannot replace those statutory conditions, so unsupported disallowances cannot be sustained. Where a civil contractor's books are unverifiable and unreliable, the first appellate authority's co-terminous powers permit rejection of books under section 145(3) and estimation of business income. Treating a potential profit result as independently making section 40A(3) inapplicable is legally unsound, but does not invalidate a properly supported book rejection and income estimation.
Cash-payment disallowance under section 40A(3) requires verified foundational facts: payments exceeding the prescribed limit to a particular payee on a particular day, supported by examination of books, vouchers and potential Rule 6DD exceptions. Assumptions about abnormal profit rates cannot replace those statutory conditions, so unsupported disallowances cannot be sustained. Where a civil contractor's books are unverifiable and unreliable, the first appellate authority's co-terminous powers permit rejection of books under section 145(3) and estimation of business income. Treating a potential profit result as independently making section 40A(3) inapplicable is legally unsound, but does not invalidate a properly supported book rejection and income estimation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4912 
