Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Section 35(6) requires unaccounted tobacco stock found during a business-premises survey to be treated as supplied and subjected to tax determination under the prescribed statutory procedure. Direct confiscation proceedings cannot be used to impose tax, penalty and fine solely because excess or unaccounted stock is found; proceedings must instead be initiated under section 73 or 74. On that basis, the first appellate orders setting aside confiscation-based tax, penalty and fine were upheld, and the revenue appeals were dismissed.
Section 35(6) requires unaccounted tobacco stock found during a business-premises survey to be treated as supplied and subjected to tax determination under the prescribed statutory procedure. Direct confiscation proceedings cannot be used to impose tax, penalty and fine solely because excess or unaccounted stock is found; proceedings must instead be initiated under section 73 or 74. On that basis, the first appellate orders setting aside confiscation-based tax, penalty and fine were upheld, and the revenue appeals were dismissed.
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TaxTMI 
TaxTMI 
of 4913 
