Silent Orders Can’t Stand – Reason Must Speak: – ITAT Slams Non-Speaking NFAC Order

Aditi Thapar Vs DCIT (ITAT Ahmedabad) Assessee, an individual earning from salary, rent & capital gains, filed a return of ₹11.73 lakh. The AO made three additions – (i) ₹44.68 lakh u/s 68 for alleged bogus LTCG on shares of Turbotech Engineering Ltd., (ii) ₹51.31 lakh u/s 69 for unexplained investment in property, and (iii) ₹7.16 lakh u/s 69A for unexplained cash payments toward credit card dues. Despite Assessee furnishing contract notes, demat and bank statements, and confirmations of agriculturist lenders, AO treated all transactions as non-genuine. CIT(A), NFAC confirmed...