Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Reassessment under section 147/148 was quashed because applying the Assessing Officer's own gross profit rate (13.85%) produced alleged escaped income of Rs.48,09,503, below the statutory monetary threshold of Rs.50,00,000 under section 149(1)(b), and "income chargeable to tax which has escaped assessment" refers to real income, not gross transaction value. On merits, the assessee produced primary documents and bank payment evidence which AO did not independently test; books were not rejected under section 145(3), and a separate addition would duplicate profit already reflected in returned income. Appeal allowed by ITAT.
Reassessment under section 147/148 was quashed because applying the Assessing Officer's own gross profit rate (13.85%) produced alleged escaped income of Rs.48,09,503, below the statutory monetary threshold of Rs.50,00,000 under section 149(1)(b), and "income chargeable to tax which has escaped assessment" refers to real income, not gross transaction value. On merits, the assessee produced primary documents and bank payment evidence which AO did not independently test; books were not rejected under section 145(3), and a separate addition would duplicate profit already reflected in returned income. Appeal allowed by ITAT.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
