Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Addition based on bank stock statements was sustained where the assessee did not deny availing overdraft consistent with those statements; the tribunal treated the stock as declared in the bank-filed statement. The reasoning emphasises that the statement, though unsigned by some partners, was prepared by the bank's godown keeper, linked directly to the client's drawing power, and supported by the bank manager's testimony. The assessee was given opportunity to rebut but produced no contrary evidence; consequently the stock statement's evidentiary weight was accepted and the assessment decision adverse to the assessee was maintained.
Addition based on bank stock statements was sustained where the assessee did not deny availing overdraft consistent with those statements; the tribunal treated the stock as declared in the bank-filed statement. The reasoning emphasises that the statement, though unsigned by some partners, was prepared by the bank's godown keeper, linked directly to the client's drawing power, and supported by the bank manager's testimony. The assessee was given opportunity to rebut but produced no contrary evidence; consequently the stock statement's evidentiary weight was accepted and the assessment decision adverse to the assessee was maintained.
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