Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Disallowance of alleged bogus purchases/unexplained expenditure under s. 37 was held unsustainable where the AO relied solely on a third-party's subsequently retracted statement alleging invoice accommodation without delivery, without confronting or rebutting the assessee's documentary evidence. As the assessee produced recorded materials substantiating the expenditure and there was no finding of any actual purchases from the alleged biller (the group being only a transporter), and no corroborative material supporting the statement, a statement alone could not justify the addition. The disallowance was therefore deleted and the appeal of the revenue failed. - ITAT
Disallowance of alleged bogus purchases/unexplained expenditure under s. 37 was held unsustainable where the AO relied solely on a third-party's subsequently retracted statement alleging invoice accommodation without delivery, without confronting or rebutting the assessee's documentary evidence. As the assessee produced recorded materials substantiating the expenditure and there was no finding of any actual purchases from the alleged biller (the group being only a transporter), and no corroborative material supporting the statement, a statement alone could not justify the addition. The disallowance was therefore deleted and the appeal of the revenue failed. - ITAT
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