ITAT Remands Addition Due to Failure to Verify GST Turnover Instead of Bank Credits

Tajshree Motors Pvt. Ltd. Vs DICT/ACIT (ITAT Nagpur) The appeal before the Income Tax Appellate Tribunal, Nagpur, arose from an assessment for AY 2018–19 where the assessee failed to file a return of income and did not respond to notices issued during reassessment proceedings under Sections 147 and 148. In the absence of financial statements and supporting documents, the Assessing Officer treated total bank credits of ₹55.88 crore as gross receipts and applied a gross profit rate of 6.35%, resulting in an addition of ₹2.94 crore after allowing depreciation. The Commissioner of Income Tax...