High Court: once cash receipts are held unexplained, the AO cannot fall back on an arbitrary 8% profit estimate without evidence.
Ad-Hoc Income Estimation Disallowed Once Cash Transactions Are Held Unexplained Read Post »
ITAT deletes a Section 69A addition: dividing annual turnover by 365 to doubt a single day’s cash sales is pure guesswork.
Averaging Annual Turnover to Disprove Single Day Cash Sales Held Invalid Read Post »
High Court strikes down Section 147A, so reassessment notices issued by jurisdictional officers instead of the faceless scheme are void.
High Court refers to a larger bench whether seized assets of a third party must be released automatically after 120 days.
High Court Refers Mandatory Release of Seized Assets After 120 Days to Larger Bench Read Post »
Investments accepted in earlier years are strong evidence against calling their later sale proceeds bogus under Section 68.
Earlier Acceptance of Investments Rebuts Section 68 Addition on Share Sale Proceeds Read Post »
ITAT: a surrender statement made during a survey cannot alone support an addition without matching evidence in the books.
Uncorroborated Statement Recorded During Survey Cannot Form Sole Basis for Tax Addition Read Post »
An employer that followed a binding court order on LTC cannot later be treated as an assessee in default under Section 201(1).
No TDS under Section 194A on interest on mobilisation advances paid to a statutory authority covered by the exemption notification.
No TDS Under Section 194A on Mobilisation Advance Interest Paid to Statutory Authority Read Post »
