Rectification application rejected as assessee failed to raise ...

Cash seizure leads to tax addition; can't rectify lapse. 60% rate on undisclosed income upheld. Interest remitted for adjustment.

Case Laws Income Tax

November 8, 2024

Rectification application rejected as assessee failed to raise issue of CIT(A)'s order lacking DIN before ITAT; assessee cannot rectify their own lapse. Addition upheld based on cash seized, not mere statement; CBDT instruction considered. Tax rate of 60% u/s 115BBE on undisclosed income upheld following precedent. Interest u/s 234A remanded to AO to allow adjustment of seized cash against tax liability before due date as per circular; interest u/s 234B decided. Relevant legal provisions, precedents, and reasoning provided.

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Rectification application rejected as assessee failed to raise ...

Cash seizure leads to tax addition; can't rectify lapse. 60% rate on undisclosed income upheld. Interest remitted for adjustment.

Case Laws Income Tax

November 8, 2024

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