ITAT Rajkot Judgments — March 2018

The Tribunal upheld the CIT(A)'s deletion of the addition related to the rejection of books of accounts, finding no specific irregularities. However, it confirmed the disallowance of foreign tour expenses for the assessee's son as personal.

The Tribunal held that since the CIT(A) had redressed the assessee's grievances by deleting the additions made in the revised assessment order, the appeal before the Tribunal had become redundant and academic.

The Tribunal found that the assessee had submitted additional evidence suggesting the advances were compensation for providing her house as security for company loans. The Tribunal restored the case to the Assessing Officer for fresh examination of this claim in light of judicial pronouncements.

The Tribunal held that the reassessment orders were bad in law due to the non-issuance of a mandatory notice under Section 143(2) of the Act. Even on merits, the Tribunal found that the entire cash deposits could not be added, and a profit estimate was plausible.

The Tribunal found that the assessee had submitted additional evidence suggesting the advances were compensation for providing her house as security for company loans. The Tribunal restored the case to the Assessing Officer for fresh examination of this claim in light of judicial pronouncements.

The Tribunal upheld the CIT(A)'s deletion of the addition related to the rejection of books of accounts, finding no specific irregularities. However, it confirmed the disallowance of foreign tour expenses for the assessee's son as personal.