Both the revenue authorities have accepted the books of accounts, book results could not be disturbed once it is admitted that cash sales are recorded in books and forming part of turnover of the business.
Although Rule 128(9) requires Form 67, assessee’s compliance within this rule during the rectification stage demonstrated a good faith or effort to fulfil procedural requirement.
CIT (A) erred in treating the loan of Rs.90.52 crores u/s 69A/69B when the show cause notice of enhancement was with reference to section 69 and there were neither any investments which were not recorded in the books of account nor is there any such finding by the CIT(A).
ITAT Kolkata held that addition under section 68 of the Income Tax Act as unexplained cash credit not sustainable since identity, creditworthiness and genuineness of the transaction relating to the share capital sufficiently established.
ITAT Bangalore rules that VAT penalty payments cannot be deducted under Section 37 of Income Tax Act, remanding case for further examination.
ITAT Delhi held that initial transaction of demerger of Passive Infrastructure Assets [PIAs] without any consideration qualifies as gift is already affirmed by the Hon’ble Delhi High Court while approving the demerger scheme.
ITAT restores Yalamati Raghavendra’s appeal to CIT(A) for adjudication on merits after admitted tax payment, referencing Karnataka High Court’s judgment in SSS Projects Ltd.
ITAT Ahmedabad restores appeal to CIT(A) for de novo adjudication, ruling that the appeal was filed within the prescribed time frame.
ITAT dismisses Duddu Nomeshwar’s appeal as withdrawn, allowing reinstatement if Vivad Se Vishwas Scheme application is rejected by Revenue.
Assessee was also expected to be vigilante in so far as assessment proceedings were concerned. Most of the time assessee went in slow motion and avoid proceedings by not responding to notice(s) of Department, not appearing before AO, not following up with CA/Advocates.
