Validity of faceless assessment procedure challenged for jurisdictional AO intervention mid-remand, resulting in quashing of assessment for procedural...
Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Whether rectification under s.154 could sustain levy of tax at 60% under s.115BBE on alleged cash "on-money" from flat sales was examined in light of the appellate deletion of the underlying addition. Since the addition of the impugned sum had already been deleted by a coordinate bench in the quantum proceedings and there was no material showing that such deletion had been reversed or stayed, there was no subsisting income on which the enhanced rate could be applied through rectification. Accordingly, setting aside the s.154 rectification and allowing the taxpayer's appeal was upheld. - ITAT
Whether rectification under s.154 could sustain levy of tax at 60% under s.115BBE on alleged cash "on-money" from flat sales was examined in light of the appellate deletion of the underlying addition. Since the addition of the impugned sum had already been deleted by a coordinate bench in the quantum proceedings and there was no material showing that such deletion had been reversed or stayed, there was no subsisting income on which the enhanced rate could be applied through rectification. Accordingly, setting aside the s.154 rectification and allowing the taxpayer's appeal was upheld. - ITAT
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