In case of book adjustment, if no cash is involved, provisions of s. 68 treating it as unexplained cash credit are not attracted
Permission granted by CIT cannot countermand mandatory requirement of seeking permission from ACIT so as to validate notice for re-opening of assessment: HC
The Supreme Court imposed a fine of Rs. 10 Lakhs on the Income Tax Department for its casual approach.
Explanation that the :computers got infected” is a reasonable explanation & is also reason beyond the control of the assessee. It is a reasonable cause & the return filed by assessee is to be considered as return filed under s. 139(1): Hyderabad ITAT