Constitutional personal-liberty safeguards limit PMLA twin bail conditions where completed investigations lead to prolonged incarceration before trial...
Automated airline software subscriptions without human intervention fail technical-services characterisation and do not make available underlying tech...
Business support recruitment and training receipts qualify for presumptive business taxation, not professional taxation under technical consultancy ru...
Treaty exemption for foreign permanent-establishment management fees prevailed, while dividend expense disallowance remained limited to an accepted al...
Centralised assessment transfers: participation after requesting centralisation can bar technical jurisdictional challenges, while assessment disputes...
Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference sha...
Best-judgment assessment may be used where books of account are not maintained and required information is not furnished, but business-profit estimation must remain fair, unbiased and rational. Profit rates cannot be adopted capriciously or without supporting facts; they should be based on the taxpayer's past history or comparable businesses in the same line of trade. Where the adopted rates lack such a disclosed basis, the profit estimation requires reconsideration. Net profit must be freshly determined with reference to relevant comparables or past results after affording the taxpayer an opportunity of hearing.
Best-judgment assessment may be used where books of account are not maintained and required information is not furnished, but business-profit estimation must remain fair, unbiased and rational. Profit rates cannot be adopted capriciously or without supporting facts; they should be based on the taxpayer's past history or comparable businesses in the same line of trade. Where the adopted rates lack such a disclosed basis, the profit estimation requires reconsideration. Net profit must be freshly determined with reference to relevant comparables or past results after affording the taxpayer an opportunity of hearing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4907 
