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Held that the invoices issued by the assessee contained a barcode. A barcode on a tax invoice serves as a verification mechanism, ensuring that the sale is recorded in the system and adds a layer of authenticity.
Assessee then filed returns in response to the notice under Section 148, claiming a deduction under Section 80P. AO disallowed the deduction, stating that the returns were not filed within the due date under Section 139(1).
Bombay High Court held that reassessment proceeding u/s. 148 initiated against non-existing company is not sustainable in law in as much as the department was already informed about the merger. Accordingly, notice quashed.
ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided for amount of understated/ suppressed net profit. Accordingly, appeal dismissed and penalty upheld.
ITAT Jaipur held that issuance of notice under section 148 of the Income Tax Act by ACIT, Jaipur, is illegal and liable to be quashed since ITO-Delhi has jurisdiction over the case of the assessee. Accordingly, order of CIT(A) set aside.
ITAT Kolkata held that reopening of assessment framed u/s. 148A(d) without application of mind and without controverting the explanation of the assessee is bad in law and is accordingly being quashed. Thus, appeal of the assessee allowed.
Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication from ACIT, without independent application of mind, is invalid and liable to be set aside.
ITAT Mumbai held that addition under section 69 towards unexplained cash made by the AO without bringing any concrete evidence on record incriminating the assessee is not sustainable. Accordingly, addition u/s. 69 deleted.
ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable article and hence doesn’t qualify as unexplained money under section 69A of the Income Tax Act.
ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordingly, appeal of the assessee allowed.
