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...
ITAT upheld rejection of the books of account because the assessee's cash sales, cash on hand and pre-demonetisation cash deposits showed an abnormal rise, while the supporting invoices were incomplete, generic and not backed by genuine evidence, so the accounts did not reflect a true and correct picture of business. On unexplained demonetisation-period cash deposits, the Tribunal accepted credit for the opening cash balance and bank withdrawals where no discrepancy was found, and sustained addition only for the balance amount remaining unexplained. It further held that the sustained addition under section 68 was taxable at the special rate under section 115BBE for AY 2017-18.
ITAT upheld rejection of the books of account because the assessee's cash sales, cash on hand and pre-demonetisation cash deposits showed an abnormal rise, while the supporting invoices were incomplete, generic and not backed by genuine evidence, so the accounts did not reflect a true and correct picture of business. On unexplained demonetisation-period cash deposits, the Tribunal accepted credit for the opening cash balance and bank withdrawals where no discrepancy was found, and sustained addition only for the balance amount remaining unexplained. It further held that the sustained addition under section 68 was taxable at the special rate under section 115BBE for AY 2017-18.
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