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...
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Bogus purchases and estimation of income were examined where the CIT(A) had directed the AO to add only the gross profit element in respect of purchases from four alleged suppliers. The tribunal found the assessee's construction activity undisputed and concluded purchases were actually from other parties yielding profits higher than the disclosed GP rate, so the CIT(A)'s restriction was incorrect. Applying jurisdictional High Court precedent that taxes only the profit margin in bogus purchases, the ITAT restricted the addition for the four non existent parties to 5% above the assessee's disclosed GP rate and partly allowed the revenue appeal.
Bogus purchases and estimation of income were examined where the CIT(A) had directed the AO to add only the gross profit element in respect of purchases from four alleged suppliers. The tribunal found the assessee's construction activity undisputed and concluded purchases were actually from other parties yielding profits higher than the disclosed GP rate, so the CIT(A)'s restriction was incorrect. Applying jurisdictional High Court precedent that taxes only the profit margin in bogus purchases, the ITAT restricted the addition for the four non existent parties to 5% above the assessee's disclosed GP rate and partly allowed the revenue appeal.
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