On finding that none of the orders passed by I-T Authorities doubted the services so rendered by the administrative head nor alleged to have been paid salary excessive or unreasonable which is sine.
While accepting on one hand that the income found to be belonging to taxpayer s wife in scrutiny assessment was duly offered to tax, the Rajkot ITAT reprimanded the I-T Department from taking a.
On finding that the PCIT has held the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue simply based on incorrect assumption of facts, the Rajkot ITAT.
The Ahmedabad ITAT ruled that mathematical incorrectness by AO cannot be said to be failure on the part of the assessee to disclose any material fact, so as to initiate reopening of assessment. .
While rejecting the estimation of profit at 12.5% deduced by AO on account of undisclosed sales, the Rajkot ITAT held that there has to be a reasonable basis for applying a particular net profit rate.