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...
Unverifiable purchases and unreliable account records justified rejection of books and estimation of gross profit by applying the average gross profit rate of the preceding two years, because the assessee failed to produce primary supporting material and enquiries showed most purchase parties were non-genuine. The addition based on estimated profit was sustained for AY 2021-22. Cash deposited in the bank during the demonetisation period was also treated as unexplained money, as the deposit was verified from bank information and the assessee furnished no supporting evidence for its source. The addition under section 69A was confirmed for AY 2017-18.
Unverifiable purchases and unreliable account records justified rejection of books and estimation of gross profit by applying the average gross profit rate of the preceding two years, because the assessee failed to produce primary supporting material and enquiries showed most purchase parties were non-genuine. The addition based on estimated profit was sustained for AY 2021-22. Cash deposited in the bank during the demonetisation period was also treated as unexplained money, as the deposit was verified from bank information and the assessee furnished no supporting evidence for its source. The addition under section 69A was confirmed for AY 2017-18.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
