Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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The tribunal affirmed that cash deposits in the assessee's proprietorship bank accounts during the demonetisation period were treated as unexplained income where the assessee failed to respond to statutory notices or furnish any explanation or documents; on the basis of bank data the deposits were attributed to the assessee and taxed accordingly. Separately, the claimed current-year loss set off was disallowed because the assessee did not produce supporting details before the tax authorities or on appeal, leaving the claim unsubstantiated. All grounds of appeal were dismissed for lack of material and failure to furnish explanations or appear.
The tribunal affirmed that cash deposits in the assessee's proprietorship bank accounts during the demonetisation period were treated as unexplained income where the assessee failed to respond to statutory notices or furnish any explanation or documents; on the basis of bank data the deposits were attributed to the assessee and taxed accordingly. Separately, the claimed current-year loss set off was disallowed because the assessee did not produce supporting details before the tax authorities or on appeal, leaving the claim unsubstantiated. All grounds of appeal were dismissed for lack of material and failure to furnish explanations or appear.
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