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60 orders · Page 2 of 2
The Tribunal held that the Assessing Officer had made sufficient inquiries and considered the assessee's submissions and evidence. Therefore, the assessment order was not erroneous or prejudicial to the revenue, and the revision order passed by the PCIT was invalid.
The Tribunal held that the explanation provided by the assessees regarding the source of cash deposits was not genuine or sufficiently explained. The reasons for withdrawing cash in 2013 and keeping it with daughters for potential emergencies were not substantiated with concrete evidence. Therefore, the addition made by the Assessing Officer and sustained by the CIT(A) was upheld.
The Tribunal held that the PCIT erred in setting aside the assessment order without sufficient material to prove prejudice to revenue. It also found that the PCIT incorrectly applied the guideline value for the wrong assessment year and wrongly treated payments as unexplained.
The Tribunal held that the reassessment proceedings were valid based on the initial understanding, but the penalty proceedings under sections 271D and 271E were invalid as they do not apply to 'loan given'.
The Tribunal upheld the CIT(A)'s decision, finding that the assessee had provided sufficient evidence to establish the genuineness, creditworthiness, and identity of the parties involved in the transactions. The Tribunal found no reason to interfere with the CIT(A)'s findings.
The Tribunal held that the reassessment proceedings were valid based on the initial understanding, but the penalty proceedings under sections 271D and 271E were invalid as they do not apply to 'loan given'.
The Tribunal held that the explanation provided by the assessees regarding the source of cash deposits was not genuine or sufficiently explained. The reasons for withdrawing cash in 2013 and keeping it with daughters for potential emergencies were not substantiated with concrete evidence. Therefore, the addition made by the Assessing Officer and sustained by the CIT(A) was upheld.
The Tribunal held that the CIT(A) erred in sustaining a lump-sum addition of Rs. 5,00,000 after concluding that the books of account could not be rejected. Such a lump-sum disallowance is not legally permissible.
The Tribunal held that the AO's assessment order was erroneous and prejudicial to the interest of revenue due to inadequate inquiry and non-application of mind. The PCIT rightly invoked Section 263, setting aside the assessment order for fresh examination.
The Tribunal held that the reassessment was based on a mere change of opinion, as the Assessing Officer had already examined the stock position during the original assessment. Therefore, the reopening was invalid.