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...
Estimation of profit element in non-genuine purchases: the Tribunal held that the CIT(A) mechanically followed an earlier ITAT direction limiting disallowance without independently verifying factual parity between years or the effect of later binding precedents, and that subsequent authority criticises fixed-rate profit estimates where the assessee fails to prove genuineness. The impugned restriction was set aside and the matter remitted to the CIT(A) to re-adjudicate after affording the assessee a hearing, to apply relevant binding precedents and record a reasoned finding. The Revenue's appeal was allowed for statistical purposes and remand ordered.
Estimation of profit element in non-genuine purchases: the Tribunal held that the CIT(A) mechanically followed an earlier ITAT direction limiting disallowance without independently verifying factual parity between years or the effect of later binding precedents, and that subsequent authority criticises fixed-rate profit estimates where the assessee fails to prove genuineness. The impugned restriction was set aside and the matter remitted to the CIT(A) to re-adjudicate after affording the assessee a hearing, to apply relevant binding precedents and record a reasoned finding. The Revenue's appeal was allowed for statistical purposes and remand ordered.
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