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56 orders · Page 2 of 2
The Tribunal held that the addition of the full purchase amount under Section 69 was unwarranted as the machines were actually purchased from the open market. However, depreciation on the excess purchase price (15% of the declared value) was disallowed.
The Tribunal found it proper to remand the matter to the CIT(Exemption) for fresh consideration. The assessee was granted liberty to file supporting evidence for their claims.
The Tribunal held that the amounts were received through banking channels and subsequently adjusted against the booking of a flat, confirming the genuineness of the transactions.
The ITAT held that the CIT(A) does not have the power to dismiss an appeal solely for non-attendance. The appeal should be decided on merits after providing a reasonable opportunity of hearing.
The Tribunal held that since the assessee's audited books of account and stock register were not rejected, there was no justification for estimating the gross profit based on previous years' figures.
The Tribunal upheld the order of the Principal Commissioner of Income Tax. It found that the Assessing Officer had merely extracted the assessee's submissions without any independent application of mind or inquiry, making the assessment order erroneous.