ITAT Indore Judgments — July 2021

The Tribunal noted that the additions on which the penalty was imposed had been deleted in the quantum appeals. Therefore, the penalty orders were no longer sustainable.

The Tribunal held that the assessee is in the money lending business and the variation in interest rates charged and paid is due to commercial expediency. The Tribunal relied on a previous decision in a similar case involving a family member.

The Tribunal allowed the withdrawal of the appeals as per the request made by the assessee(s) to avail the 'Viwad Se Vishwas Scheme 2020'. The assessee(s) were granted liberty to file a Miscellaneous Application for recalling the order if their scheme application was not accepted.

The Tribunal allowed the withdrawal of the appeals as per the request made by the assessee(s) to avail the 'Viwad Se Vishwas Scheme 2020'. The assessee(s) were granted liberty to file a Miscellaneous Application for recalling the order if their scheme application was not accepted.

The Tribunal held that the assessee is in the money lending business and the variation in interest rates charged and paid is due to commercial expediency. The Tribunal relied on a previous decision in a similar case involving a family member.