Tribunal invalidated the reassessment because the Assessing Officer failed to obtain mandatory approval from the specified authority under Section 151(ii), rendering the Section 148 notice void.
ITAT Jaipur held that addition made on the basis of documents found from the third party without providing any opportunity of cross-examination is liable to be deleted on the ground of violation of principles of natural justice.
ITAT Jaipur held that approval granted under section 153D in a mechanical and consolidated manner without due application of mind is invalid. Accordingly, assessment orders framed under section 153A cannot be sustained.
The ITAT Jaipur ruled that penalty under Section 271AAB cannot be imposed when no undisclosed income is found during search operations. Loose documents alone do not justify penalty.
The Tribunal held that the penalty notice failed to specify the applicable clause under Section 271AAB. It ruled that the omission invalidated the penalty, as the assessee was not informed of the precise charge.
ITAT Jaipur clarified that penalty under section 271AAB is not mandatory and requires proper examination of evidence and explanation by the assessee before imposition. Mere surrender of income does not constitute undisclosed income.
The decision clarified that income supported by books, demat records, and banking documents cannot be penalized as undisclosed under section 271AAB. Penalty reduction by CIT(A) was set aside.
Tribunal holds that surrendered LTCG cannot be treated as undisclosed income when fully recorded in books and supported by verifiable documents. Penalty under section 271AAB was therefore not leviable.
ITAT Jaipur dismissed the appeal as time-barred since it was filed 317 days late. The affidavit filed lacked sufficient cause, proper verification, and supporting evidence, leading to rejection of the condonation application.
The Tribunal held that the denial of 12AB registration could not stand where the assessee was not given an effective chance to submit documents. The matter was remanded to ensure compliance with natural justice.
