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ITAT remanded matters concerning discrepancies between Form 26AS receipts and ITR, and rejection of trading results back to AO for de novo consideration. Assessee failed to adequately explain mobilization advances and reconciliation differences. CIT(A)'s order was deemed cryptic and non-speaking regarding GP ratio mismatch. AO directed to re-examine gross profit after assessee provides documentary evidence. Assessee bears responsibility to substantiate claims during consequential proceedings. If assessee fails to respond to notices or provide required documentation, AO empowered to adjudicate based on available facts and law. Revenue's grounds allowed for statistical purposes.
ITAT remanded matters concerning discrepancies between Form 26AS receipts and ITR, and rejection of trading results back to AO for de novo consideration. Assessee failed to adequately explain mobilization advances and reconciliation differences. CIT(A)'s order was deemed cryptic and non-speaking regarding GP ratio mismatch. AO directed to re-examine gross profit after assessee provides documentary evidence. Assessee bears responsibility to substantiate claims during consequential proceedings. If assessee fails to respond to notices or provide required documentation, AO empowered to adjudicate based on available facts and law. Revenue's grounds allowed for statistical purposes.
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TaxTMI 
TaxTMI 
