Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
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