Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Addition under Section 56(2)(vii) was challenged where two land parcels acquired below Stamp Duty Value were treated as stock-in-trade; lower authorities sustained the addition due to the assessee's failure to produce books and purchase-sale records, creating an evidentiary deficit. The tribunal, without deciding the asset classification on merits, set aside the order and remanded the matter to the AO for de novo adjudication, directing examination of books and financial-statement treatment, verification of the applicability of CBDT Circular No. 1/2011 and relevant precedents on the definition of "property", and affording the assessee a reasonable, effective opportunity to be heard.
Addition under Section 56(2)(vii) was challenged where two land parcels acquired below Stamp Duty Value were treated as stock-in-trade; lower authorities sustained the addition due to the assessee's failure to produce books and purchase-sale records, creating an evidentiary deficit. The tribunal, without deciding the asset classification on merits, set aside the order and remanded the matter to the AO for de novo adjudication, directing examination of books and financial-statement treatment, verification of the applicability of CBDT Circular No. 1/2011 and relevant precedents on the definition of "property", and affording the assessee a reasonable, effective opportunity to be heard.
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