NTPC Tender Qualification Case: Income Assessment Remanded with Directive to Investigate Potential False Return and Section 277 Violations

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....ITAT partially allowed the appeal, remanding the case to the AO for fresh assessment. The tribunal found that the assessee filed a potentially false return to meet NTPC tender qualification criteria. The AO must re-examine the NTPC Vigilance authorities' report and verify the actual turnover and income. The tribunal directed the AO to determine the true income, consider potential violations under section 277, and take appropriate action based on the comprehensive review of the submitted evidence.....