S. 144 : Best judgment assessment-Rejection of books-Estimate of net profit at 4 Per Cent. on gross turnover-Justified-Fixed Deposits utilized to acquire bank guarantee-Nexus between interest earned and interest paid-Interest paid to be adjusted against interest received.[S.56, 57, 145(3)].
S. 144: Best judgement assessment-Search-Incriminating material-Assessment is valid-Best judgement-Failure to issue show cause notice for best judgement assessment-Assessment not valid-Jurisdiction-Order of transfer of jurisdiction challenged before High Court-Stay not granted-Completion of assessment in pendency of proceedings before High Court valid-Statements recorded by Investigation Wing used to support additions made-Failure to give an opportunity to cross-examine witnesses-Addition is not valid-Unsecured loan-Addition is not valid. [S. 68, 139, 144, 153A, 245C]
S: 143(3) : Assessment-Bogus purchases-Inventory and Closing stock not disputed-Addition is deleted. [S. 132(4), 147, 148, 153A]
S. 143(3): Assessment-Assessment orders passed by Assessing Officer during the moratorium period under the provisions of IBC are void-ab-initio. [S.153A]
S.143(3) :Assessment-Mismatch of amount-All transaction shown in Form 26AS does not represent income-Addition is deleted.[S. 4, 139,Form, 26AS]
S. 143(3): Assessment-Survey-Gross profit rate-Unaccounted sales-No material to indicate the assessee indulged in unaccounted sales post survey-Addition reduced considering electricity consumption-Justified. [S.133A]
S. 143(1)(a) : Assessment-Intimation-Adjustment to the total income returned for the AY. 2017-18-Assessing Officer of CPC made an adjustment denying the credit for the TDS even though appearing in Form 26AS-No notice was issued to the assessee before making such adjustment. The CIT (Appeals) confirmed the Assessing Officer’s action for not granting TDS credit merely on the ground that the corresponding income has not been shown by the appellant in the return of income.[Form. 26AS]
S. 143(1)(a) : Assessment-Intimation-Co-operative society-Adjustment is not valid. [S. 80AC, 80P, 139(1)]
S. 115JB : Company-Book profit-Fuel and fixed cost adjustments made to power prices consequent to orders of regulatory commission-Liability ascertained-Expenditure deductible in computing book profit.[S. 37, 145]
S. 115JB : Company-Book profit –Insurance business-Assessee Not preparing financial statements as required under Companies Act-Minimum alternate tax not applicable. [S.44, Sch. I]