No denial of sec. 80P relief to assessee if it was credit co-operative bank and not credit co-operat

IT : Where assessee was not a credit co-operative bank but a credit co-operative society, its claim for deduction under section 80P(2)(a)(i) could not be rejected by invoking exclusion clause of sub-section (4) of section 80P

AO should have a cogent reasons for rejecting books of account prepared on basis of bank entries

IT: Once books of account of assessee have been prepared based mainly on bank entries and other details, same should be rejected only by cogent reasoning

No benefit of input tax when dealer didn't disclose actual taxable turnover in return and didn't pay

CST & VAT : Kerala - Benefit of input tax will not be available if dealer does not disclose actual taxable turnover in return and does not pay tax

Addition affirmed on reduced G.P. rate on unaccounted sales as no perversity was pointed out in appr

IT: Where Assessing Officer had rejected books of account of assessee under section 145(3), estimation of gross profits for both years at 20 per cent by Tribunal as against 40 per cent made by Assessing Officer on unaccounted sales was justified as there was no perversity pointed out in approach adopted by Tribunal

ITAT directs TPO to make TP adjustment by excluding comparables with related party transaction excee

IT/ILT : While making computation of ALP under section 92C bench mark of related party transactions is to be adopted at 25 per cent

Mere non-observance of procedure doesn't lead to denial of adjustment of excess service tax paid by

Service Tax : Where assessee had paid excess service tax owing to estimation of its tax liability of operations spread across remote areas as well, such bona fide excess payment may be adjusted against service tax liability of subsequent period even if procedure has not been followed