Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
The dominant issue was whether revision under s.263 was justified where the AO, after finding purchases to be bogus and goods not received, made disallowance under s.37(1) instead of invoking s.69C read with s.115BBE. Since s.69C applies where an expenditure is claimed but the assessee fails to satisfactorily explain its source, and the factual findings showed the expenditure was unexplained and unsupported by evidence of receipt of goods, the statutory preconditions for s.69C were met. The AO's resort to s.37(1), absent any controversy on commercial expediency, rendered the assessment erroneous and prejudicial to revenue; the revisionary directions were sustained and the assessee's challenge was rejected - ITAT
The dominant issue was whether revision under s.263 was justified where the AO, after finding purchases to be bogus and goods not received, made disallowance under s.37(1) instead of invoking s.69C read with s.115BBE. Since s.69C applies where an expenditure is claimed but the assessee fails to satisfactorily explain its source, and the factual findings showed the expenditure was unexplained and unsupported by evidence of receipt of goods, the statutory preconditions for s.69C were met. The AO's resort to s.37(1), absent any controversy on commercial expediency, rendered the assessment erroneous and prejudicial to revenue; the revisionary directions were sustained and the assessee's challenge was rejected - ITAT
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