Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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The ITAT held that the AO exceeded the limited scope of scrutiny authorized for examining cash deposits during demonetization without obtaining requisite PCIT approval, violating Instruction No.225/402/2018/ITA.II. The AO's addition under section 68 was quashed as the assessee provided a reconciliation of bank credits which the CIT(A) neither challenged nor disproved. The CIT(A) erred in confirming an addition based on discrepancies unrelated to the limited scrutiny parameters and failed to consider that cash deposits during demonetization were minimal. Consequently, the ITAT deleted the addition of Rs. 1,14,43,309/-, finding the AO's and CIT(A)'s orders unsustainable, and allowed the assessee's appeal.
The ITAT held that the AO exceeded the limited scope of scrutiny authorized for examining cash deposits during demonetization without obtaining requisite PCIT approval, violating Instruction No.225/402/2018/ITA.II. The AO's addition under section 68 was quashed as the assessee provided a reconciliation of bank credits which the CIT(A) neither challenged nor disproved. The CIT(A) erred in confirming an addition based on discrepancies unrelated to the limited scrutiny parameters and failed to consider that cash deposits during demonetization were minimal. Consequently, the ITAT deleted the addition of Rs. 1,14,43,309/-, finding the AO's and CIT(A)'s orders unsustainable, and allowed the assessee's appeal.
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