“Section 19(6)”

An appeal before the Income Tax Appellate Tribunal can be dismissed for non-prosecution or treated as unadmitted when the appellant fails to appear, cooperate, or show diligence, in accordance with Rule 19(2) of the Income-tax (Appellate Tribunal) Rules. The law aids the vigilant, not those who sleep on their rights.

Long Term Capital Gains (LTCG) from penny stock transactions are liable to be treated as bogus and added back under Section 68 as unexplained cash credits, especially when evidence suggests the involvement of entry operators providing accommodation entries.

A debt shown in a company's balance sheet constitutes an acknowledgement for the purposes of Section 19 of the Limitation Act. The balance sheet need not be addressed to the creditors for this purpose.

The Commissioner can only revise an assessment order under Section 263 if it is both erroneous and prejudicial to the interests of the revenue, requiring proof of both conditions with material on record.

Additions can be made based on seized documents if the assessee fails to justify their stand regarding unaccounted sales or the nature of expenditure.