Order passed by AO merely based on order of Settlement commission not valid

Rashmi Infrastructure Developers Ltd. Vs DCIT (ITAT Mumbai) In this case ld. AO however completely ignored all the submissions of the assessee and merely relied on the rejection order of the ITSC and proceeded to tax the on money receipts independently without granting any deduction for expenses incurred against those on money receipts. We find that the ld. AR before us had filed a chart containing filing of various details before the ld. AO and ld. CIT(A) in respect of each of the allegations leveled by the lower authorities. We find that none of these submissions were considered by the lower...