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...
Whether unexplained cash deposits could be bifurcated and subjected to best judgment addition under section 144: Tribunal found bifurcation unjustified because the assessee's sole source of deposits was business receipts from trading in cement and iron-highly competitive commodities-so there was no rational basis for segregating half the deposits as unexplained; consequence: separate addition of unexplained cash deposits set aside. Appropriate profit rate to estimate business income: applying commercial realities and comparable profit standards, Tribunal directed AO to adopt a 6% profit rate on entire receipts and recompute income; appeal partly allowed. - ITAT
Whether unexplained cash deposits could be bifurcated and subjected to best judgment addition under section 144: Tribunal found bifurcation unjustified because the assessee's sole source of deposits was business receipts from trading in cement and iron-highly competitive commodities-so there was no rational basis for segregating half the deposits as unexplained; consequence: separate addition of unexplained cash deposits set aside. Appropriate profit rate to estimate business income: applying commercial realities and comparable profit standards, Tribunal directed AO to adopt a 6% profit rate on entire receipts and recompute income; appeal partly allowed. - ITAT
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