Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Assessee trading in machinery incurred losses and failed to maintain books of account; statutory audit obligation triggered by the turnover threshold was applicable but could not be met. Tribunal found failure to establish a reasonable cause for non-maintenance and therefore sustained penalty under the penalty provision for not maintaining accounts. The tribunal rejected reliance on the presumptive taxation scheme as a defence to the penalty. Separately, the tribunal held that imposing an additional penalty for failure to obtain an audit when books were not maintained would amount to double penalisation, and accordingly vacated the audit-related penalty.
Assessee trading in machinery incurred losses and failed to maintain books of account; statutory audit obligation triggered by the turnover threshold was applicable but could not be met. Tribunal found failure to establish a reasonable cause for non-maintenance and therefore sustained penalty under the penalty provision for not maintaining accounts. The tribunal rejected reliance on the presumptive taxation scheme as a defence to the penalty. Separately, the tribunal held that imposing an additional penalty for failure to obtain an audit when books were not maintained would amount to double penalisation, and accordingly vacated the audit-related penalty.
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