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...
Unexplained money under Section 69A was considered: Tribunal held that where amounts are withdrawn from disclosed bank accounts and the assessee furnishes books, vouchers and utilisation records which the Assessing Officer does not specifically discredit, the deeming provision cannot be invoked and addition is deleted. Separately, an ad hoc 5% disallowance of expenditure was set aside because, after remand production of cash books and supporting vouchers, no targeted rejection or cogent material demonstrated unverifiable or excessive expenditure, so blanket percentage disallowance was impermissible.
Unexplained money under Section 69A was considered: Tribunal held that where amounts are withdrawn from disclosed bank accounts and the assessee furnishes books, vouchers and utilisation records which the Assessing Officer does not specifically discredit, the deeming provision cannot be invoked and addition is deleted. Separately, an ad hoc 5% disallowance of expenditure was set aside because, after remand production of cash books and supporting vouchers, no targeted rejection or cogent material demonstrated unverifiable or excessive expenditure, so blanket percentage disallowance was impermissible.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
