The ITAT held that revision is invalid when invoked merely to re-examine an issue already scrutinised by the Assessing Officer.
The Tribunal held that approval by an incompetent authority under Section 151(ii) invalidates a reassessment issued after three years. The notice and consequential order were declared void for lack of jurisdiction.
The ITAT held that late filing of Form 67 cannot defeat a valid FTC claim. The ruling clarifies that procedural delays do not override substantive treaty rights.
The tribunal observed that Way Bills produced by the assessee prima facie supported the claim of business sales. The addition was therefore set aside and restored for fresh verification.
The tribunal deleted the balance addition of ₹91,090 after finding that the amounts represented periodic rental receipts duly disclosed with TDS credit. The key takeaway is that disclosed income cannot be re-taxed as unexplained cash.
The Tribunal held that income admitted during search cannot be treated as undisclosed income unless supported by incriminating material found in the search. In the absence of such material, penalty under Section 271AAB cannot be sustained.
Only income supported by cash actually found during search could attract penal consequences. The balance amount, unsupported by incriminating material, was held outside the scope of Section 271AAB.
The Tribunal held that after 29-03-2022, only a Faceless Assessing Officer is empowered to issue notices under Section 148. Notices issued by a jurisdictional officer were declared void, vitiating the entire reassessment.
Cash deposits were rightly taxed as unexplained money when the assessee failed to discharge the primary burden of proof. Absence of contemporaneous evidence defeats claims of redeposit of cash.
The dispute centered on whether DRP directions allow completion of assessment beyond statutory time limits. The Tribunal clarified that section 144C does not create an independent limitation period. Procedural timelines cannot defeat the mandatory bar under section 153.
