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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Books of account cannot be rejected merely because some invoices were not produced or suppliers did not respond to notices under section 133(6), where no specific defect or deficiency is found in the accounts. The Tribunal noted that the assessee's sales pattern showed consistency and that the AO had not identified any concrete infirmity in the maintained books. Estimation of profit at 8% of turnover was therefore unsustainable, and the addition based on wrongful rejection of books was deleted. The CIT(A)'s order upholding the assessment was set aside.
Books of account cannot be rejected merely because some invoices were not produced or suppliers did not respond to notices under section 133(6), where no specific defect or deficiency is found in the accounts. The Tribunal noted that the assessee's sales pattern showed consistency and that the AO had not identified any concrete infirmity in the maintained books. Estimation of profit at 8% of turnover was therefore unsustainable, and the addition based on wrongful rejection of books was deleted. The CIT(A)'s order upholding the assessment was set aside.
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