ITAT: Bank crisis ‘reasonable cause’ for not producing documents during assessment

ITO Vs M/s Ishika Foods (P) Ltd. (ITAT Jaipur) Conclusion: Where the business of assessee was discontinued and the premises had been taken over by the Bank as part of its recovery proceedings, the crisis being faced upon consequent action taken by Bank was the reasonable cause which prevented assessee from submitting the requisite information/documents on the notices issued by AO and for remaining non complied with the same. Held:  On perusal of the assessment order, it was noted that the notice u/s 143(2) was issued and in compliance thereof, the authorized representative appeared on behalf ...