ITAT Rajkot Judgments — October 2021

The Tribunal held that the RBI guidelines, particularly Section 45Q of the RBI Act, have overriding effect over the Income Tax Act. Therefore, the assessee was bound to follow the RBI's directions regarding income recognition from NPAs.

The Tribunal allowed the assessee's request to withdraw the appeal as their application under the Vivad se Vishwas Scheme was approved. The appeal was dismissed as withdrawn.

The Tribunal held that the presumption under Section 292C is rebuttable and the assessee had provided evidence that the cash was received for expenses to be incurred on behalf of clients. The Revenue failed to bring corroborative evidence to disprove the assessee's contention.

The Tribunal allowed the assessee's request to withdraw the appeal as their application under the Vivad se Vishwas Scheme was approved. The appeal was dismissed as withdrawn.