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The Tribunal examined suspicion surrounding a large cash advance for property. It ruled that suspicion alone cannot replace evidence, and once the transaction is substantiated, section 68 addition must be deleted.
The Tribunal quashed reassessment proceedings after finding that the Assessing Officer already possessed complete information before issuing notice under section 148.
The Tribunal held that when an eligible assessee fails to file objections before the DRP within time, a direct appeal to the Tribunal is barred. Non-compliance with section 144C renders the appeal non-maintainable.
The ruling clarifies that mere reproduction of third-party information alleging disproportionate assets is insufficient. The Assessing Officer must clearly identify escaped income and apply independent reasoning.
This case involved reassessment completed without serving the mandatory scrutiny notice. The Tribunal ruled that such omission is not a curable defect and invalidates the proceedings. The decision reinforces strict adherence to statutory safeguards.
It was ruled that deciding appeals based on facts of another year is a serious legal error. The matter was sent back for reconsideration on correct facts.
While reopening of assessment was sustained due to bank deposit information, the cash addition was deleted on merits. Proper explanation of source defeats Section 69A.
The Tribunal ruled that cash deposited during demonetisation came from genuine business sales already offered to tax. It held that taxing the same amount again under Section 68 and Section 115BBE would amount to impermissible double taxation.
The Assessing Officer made an ALP adjustment on interest despite the assessee having already added back the full amount under thin capitalization rules. The Tribunal ruled that TP provisions cannot be applied where no expenditure is claimed.
The dispute centered on whether commission recipients actually rendered services. The tribunal ruled that in absence of summons, rejection of books, or contrary evidence, the expense could not be disallowed.
