Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Additions on account of excessive consumption, invisible loss ...


Court Rules Wastage Must Be Estimated Reasonably in Case of Excessive Consumption and Invisible Loss Claims by Assessee.

March 27, 2015

Case Laws     Income Tax     AT

Additions on account of excessive consumption, invisible loss shown by the assessee - in this case ultimately the wastage has to be estimated on reasonable basis. - AT

View Source

 


 

You may also like:

  1. Best judgement assessment - There appears to be divergents views insofar as the question as to whether the consumption of electricity can constitute the sole basis for...

  2. The adjudicating authority is bound to explain the alleged contraventions to the person proceeded against or their legal representatives. Rule 4(4) mandates...

  3. Method of valuation - Rule 11 is adopted when the situation is not covered by any of the other methods of valuation prescribed from Rule 4 to 10A. The method of...

  4. Assessee showed higher wastage of 13.04% on consumption of worsted yarn compared to 8.66% in previous year. AO made addition for excessive shortage and scrap value of...

  5. HC upheld validity of Rule 36(4) of CGST Rules, dismissing constitutional challenge. Court determined Rule 36(4) derives authority from Section 16 of CGST Act and...

  6. The High Court held that respondent No. 3 cannot avoid deciding the petitioners' application dated 20 December 2023 seeking an advance ruling on the taxability of sale...

  7. The HC ruled against the approach of estimating profit (at 12.5%) on bogus purchases, finding it contradictory to Section 69C of the Income Tax Act. The court reasoned...

  8. Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

  9. Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

  10. Clandestine removal demand based on electrical consumption was challenged. Average electricity consumption for certain periods was calculated. Cross-examination of...

  11. Levy of Excise Duty - weak spirit, which was more than 2% allowable wastage - industrial alcohol not fit for human consumption - Perusal of Section 27(1) of the said Act...

  12. TDS u/s 194C - wastage claimed in manufacturing of gold ornaments - in the present case the issue of wastage whether it is 0.5% to 1% as estimated by Revenue or it is...

  13. The High Court ruled on the constitutional validity of Rule 96(10) of the Central Goods and Services Tax (CGST) Rules, 2017, which was challenged as being ultra vires...

  14. Valuation - captive consumption, though not for production or manufacture of other articles - Valuation to be made under Rule 8 read with Rule 11 of valuation rules - AT

  15. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

 

Quick Updates:Latest Updates