ITAT Rajkot Judgments — February 2021

The Tribunal allowed the withdrawal of the appeals. It was clarified that if the assessee fails to avail the VSV scheme for bonafide reasons, they can seek restoration of the appeals.

The Tribunal held that once the fact of carrying out business is accepted, all resultant expenses should be allowed. The Tribunal found that the assessees were engaged in transportation business and were partners in firms, earning business income. Therefore, consequential expenses, including interest expenses, related to these activities were allowed.

The Tribunal held that once the fact of carrying out business is accepted, all resultant expenses should be allowed. The Tribunal found that the assessees were engaged in transportation business and were partners in firms, earning business income. Therefore, consequential expenses, including interest expenses, related to these activities were allowed.