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...
A provisional stock statement furnished to a bank for cash credit purposes could not displace audited closing stock where the Assessing Officer found no defect in the books, stock records, or valuation method and did not reject the accounts. The Tribunal accepted that the banking figures were estimated and also materially differed in sales, debtors, and creditors, showing they were not final accounts. It further held that any increase in closing stock would require a corresponding opening stock adjustment in the next year, making the proposed addition revenue-neutral where the tax rate and positive taxable income remained the same. The addition was therefore deleted.
A provisional stock statement furnished to a bank for cash credit purposes could not displace audited closing stock where the Assessing Officer found no defect in the books, stock records, or valuation method and did not reject the accounts. The Tribunal accepted that the banking figures were estimated and also materially differed in sales, debtors, and creditors, showing they were not final accounts. It further held that any increase in closing stock would require a corresponding opening stock adjustment in the next year, making the proposed addition revenue-neutral where the tax rate and positive taxable income remained the same. The addition was therefore deleted.
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