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...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Tribunal addressed estimated additions made by the AO over recorded purchase and sales without first rejecting the books of account under applicable provisions; it held that where the AO accepts the genuineness of books he cannot independently compute estimated unrecorded sales or commission income without invoking rejection/estimation provisions, and such additions are arbitrary and unlawful. The Tribunal directed deletion of the estimated addition and allowed the appeal, applying precedent that books must be rejected before making estimation-based additions.
Tribunal addressed estimated additions made by the AO over recorded purchase and sales without first rejecting the books of account under applicable provisions; it held that where the AO accepts the genuineness of books he cannot independently compute estimated unrecorded sales or commission income without invoking rejection/estimation provisions, and such additions are arbitrary and unlawful. The Tribunal directed deletion of the estimated addition and allowed the appeal, applying precedent that books must be rejected before making estimation-based additions.
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