ITAT Ahmedabad held that addition of entire amount as unaccounted sales not justified since undisclosed income is required to be computed on the basis of principle of real income. Accordingly, addition of only net profit of such receipt confirmed.
Delhi High Court held that assessee is entitled to confine the settlement of disputes which were subject matter of its appeal filed before appellate authority under Direct Tax Vivad Se Vishwas Act, 2020 [DTVSV Act].
Madras High Court held that input tax credit availed and utilised is required to be repaid back on cancellation of registration in case was no evidence of sale. Accordingly, order set aside and remitted back to the file of AO.
NCLAT Delhi held that issuer raising amount by issuance of convertible debenture is clearly a ‘financial debt’ within the meaning of section 5(8) of the IBC. Accordingly, appeal dismissed.
Madras High Court held that since petitioner failed to comply with notice issued in Form DRC-01, the matter will restore back to the file of AO provided petitioner deposits 25% of disputed tax amount.
The Liquidator published Sale Notice for reserve price on 12.08.2021 fixing sale price of 6.50. No bids came hence another e-Auction Notice was issued. The Appellant submitted its e-bid in pursuance of Sale Notice 12.09.2021.
ITAT Delhi held that CIT(A) wrongly deleted addition made by AO towards one fifth of the expenses since assessee failed to produce documentary evidences of the expenses. Accordingly, appeal of the revenue allowed.
ITAT Ahmedabad imposed cost of Rs. 5,000 for non-compliance before CIT(A) and held that the assessee can’t simply escape by placing the blame on the Tax Consultant. Thus, matter restored back to the file of AO.
ITAT Delhi held that dismissal of appeal by CIT(A) for non-prosecution and confirmed the order of the AO as no submissions were made on behalf of the assessee. Accordingly, matter restored to CIT(A).
The assessment order was framed in which the AO made certain additions in the hands of the assessee under Section 69A of the Act r.w.s. 115BBE of the Act amounting to Rs. 2,05,00,477/- as unexplained income of the assessee.
