Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Where the tax authority replaced the consistently accepted project completion method with percentage completion for a single year to tax alleged undisclosed profit admitted in a sworn statement, the tribunal held that, absent any change in facts or law, the revenue could not unilaterally substitute the method of revenue recognition, and an addition based only on a survey/statement without corroborative evidence was unsustainable; the deletion of the undisclosed-profit addition was upheld. On stamp valuation adjustment, the tribunal held the 10% tolerance band in the amended proviso to section 43CA(1) is curative and applies retrospectively; since the variation was 7%, the section 43CA addition was deleted. Revenue's appeal was dismissed. - ITAT
Where the tax authority replaced the consistently accepted project completion method with percentage completion for a single year to tax alleged undisclosed profit admitted in a sworn statement, the tribunal held that, absent any change in facts or law, the revenue could not unilaterally substitute the method of revenue recognition, and an addition based only on a survey/statement without corroborative evidence was unsustainable; the deletion of the undisclosed-profit addition was upheld. On stamp valuation adjustment, the tribunal held the 10% tolerance band in the amended proviso to section 43CA(1) is curative and applies retrospectively; since the variation was 7%, the section 43CA addition was deleted. Revenue's appeal was dismissed. - ITAT
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