CIT (A) was right in its decision to delete the addition of Rs. 2.92 crore made by AO under Section 69B for alleged undervaluation of closing stock as the books of accounts was not rejected, therefore, the observation of AO that the same were not reliable.
Section 129 could not, merely by virtue of its non-obstante clause, be construed to have an overriding effect on Section 126 which interdicts tax officers from imposing any penalty for minor breaches of tax regulations or procedural requirements.
Tribunal ruled that the deduction was valid under Section 43B, as the payments were made in the relevant assessment year after the disputes were settled through the amnesty schemes.
The Settlement Commission held that the rectification of errors under Section 154 was confined to arithmetical or clerical errors and assessee’s application was beyond the scope of the Section 154.
Assessee was entitled for exemption under section 10(10B) for Voluntary Retirement Scheme (VRS) compensation on whole of the amount received citing that the Central-Government approved schemes that benefited Employees.
AO had raised queries on two issues i.e. (i) assessee claimed only 15% depreciation on the Higher Efficiency Boilers (being energy saving device), when it was eligible for depreciation allowance of 80% on the Written Down Value (WDV).
A prior approval was sought to pass the order u/s 148A(d) from the Specified Authority, Principal Commissioner of Income Tax and after receiving the prior approval from the specified authority, an order u/s 148A(d) was passed.
The provision applied to electricity companies only after the amendment and the impugned reassessment proceedings, for the AYs preceding the amendment, could not be sustained.
Despite there was a valid disclosure made by assessee and AO being duly apprised of the factum of merger, AO made the draft assessment order in the name of a party which no longer existed on that date.
Vide the Show Cause Notice, assessee was given an opportunity to show cause as to why they had not declared the correct tax liability in the annual returns of GSTR-09.
