Loading ITAT cases…
117 orders · Page 3 of 3
The Tribunal held that the AO's extrapolation of unaccounted income based on a few instances was unjustified. Additions should be confined to the specific incriminating material found, not presumed for the entire sales.
The Tribunal noted the delay in filing the appeal. However, since the dispute was settled under the Vivad Se Vishwas Scheme, the appeal was withdrawn.
The Tribunal admitted the additional evidence and set aside the issue to the AO for fresh adjudication. The AO is to provide an opportunity of hearing to the assessee and consider all evidence, including the newly filed documents.
The Tribunal held that the reopening of the assessment was based on a mere change of opinion by the Assessing Officer, which is bad in law. The original assessment had already considered the same issues based on documents provided by the assessee.
The Tribunal held that a notice for reassessment cannot be issued or continued in the name of a deceased person. Such a notice is invalid and the proceedings are void ab initio.
The ITAT set aside the order of the CIT(A) and remanded the matter back for fresh consideration. The CIT(A) was directed to give the assessee an opportunity of being heard and to pass a reasoned order.
The Tribunal held that the assessee had sufficiently discharged the onus of explaining the cash deposits by providing evidence that his bank account was operated by his employer. The Revenue failed to controvert this explanation or conduct necessary inquiries.
The Tribunal held that the assessee was bound by the contract price, even if it resulted in a loss, and that the AO's disallowance based on spot rates ignored the fundamentals of future contracts. The addition was deleted.
The Tribunal held that the entire cash deposit could not be attributed solely to the assessee, especially when the bank account was joint and the business receipts were accepted by the Revenue. Furthermore, the Tribunal considered cash withdrawals and cheque payments, concluding that the unexplained cash deposit was immaterial.
The Tribunal upheld the CIT(A)'s order, stating that the issuance of a notice under section 143(2) within the statutory time limit is mandatory for reassessment proceedings under sections 147 & 148. The Tribunal found no infirmity in the CIT(A)'s decision.
The Tribunal held that the assessee failed to discharge the onus of proving the receipt of Rs. 2,44,166/- by the seller or showing it was taxed in the hands of involved parties. The second ground regarding stamp duty was not pressed.
The Tribunal held that the assessee was not given a sufficient opportunity to present crucial third-party evidence, including a subsequent statement of BCCL's director and appellate orders from similar cases. Therefore, the matter was set aside to the AO for a de novo assessment.
The Tribunal upheld the CIT(A)'s order, stating that the issuance of a notice under section 143(2) within the statutory time limit is mandatory for reassessment proceedings under sections 147 & 148. The Tribunal found no infirmity in the CIT(A)'s decision.
The Tribunal upheld the deletion of the addition made by the Assessing Officer. The deletion was based on the fact that the show-cause notice from the excise department, which formed the basis of the addition, was quashed by CESTAT and similar additions in preceding years were deleted by the ITAT.
The Tribunal noted that the assessee had opted for the 'Vivad se Vishwas' scheme. Consequently, the appeal filed by the assessee was dismissed as withdrawn.
The Tribunal held that the assessee is eligible for the full deduction under Section 54 as the phrase 'a residential house' refers to the nature of the property, not its singularity. The AO's contradictory stance of denying the deduction while allowing a proportionate one was also noted.
The Tribunal found that the CIT(A) did not address the assessee's claim that the investment in property was funded by the bank deposits, leading to a potential double addition. The issue was restored to the Assessing Officer for verification.