https://www.taxtmi.com/caselaws?id=402987 The Appellate Tribunal condoned a 27-day delay in filing the appeal, admitting it due to sufficient cause shown by the assessee. The Tribunal found the revision of assessment u/s 263 of the Income Tax Act erroneous as the VAT amount was not routed through the profit and loss account, leading to prejudice to revenue. The application of Section 43B was negated as the VAT liability was not included in the profit and loss account. The Tribunal emphasized the need for proper verification of indirect tax entries and held that the assessment order error prejudicial to revenue was unfounded, resulting in allowing the assessee's appeal. en-us Wed, 25 Nov 2020 00:00:00 +0530 Sat, 16 Jan 2021 22:30:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402987 The Appellate Tribunal condoned a 27-day delay in filing the appeal, admitting it due to sufficient cause shown by the assessee. The Tribunal found the revision of assessment u/s 263 of the Income Tax Act erroneous as the VAT amount was not routed through the profit and loss account, leading to prejudice to revenue. The application of Section 43B was negated as the VAT liability was not included in the profit and loss account. The Tribunal emphasized the need for proper verification of indirect tax entries and held that the assessment order error prejudicial to revenue was unfounded, resulting in allowing the assessee's appeal. Case-Laws Income Tax Wed, 25 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402987