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The dispute concerned taxation of land sale as capital gains despite claims that it was agricultural land beyond municipal limits. The Tribunal held that rejecting the claim without examining evidence was improper and remanded the matter for fresh adjudication.
The Tribunal ruled that absence of formal registers or third-party bills does not automatically make expenses bogus. Additions based purely on estimates, without proof of inflation, are arbitrary and unsustainable.
The Tribunal ruled that additions based solely on third-party statements are invalid when cross-examination is denied. Reliance on investigation reports without independent inquiry violates principles of natural justice.
The ITAT upheld deletion of Section 68 additions where identity, creditworthiness, and genuineness of unsecured loans were proved through confirmations, ITRs, and bank statements. Once the AO raised no adverse findings in remand proceedings, the additions could not survive.
The dispute centered on jurisdiction to assess under Section 153A. The Tribunal clarified that Kabul Chawla principles do not bar additions in abated assessments and ordered a de novo assessment.
ITAT Surat held that addition on account of bogus Long Term Capital Gain under section 68 of the Income Tax Act is not sustainable since the impugned scrip i.e. Kyra Landscapes Ltd. is not in the list of shares in the investigation report in case of project bogus LTCG/STCL. Accordingly, appeal of department dismissed.
Additions under section 153A were deleted as they rested only on an unowned diary without proof of authorship or corroborative evidence. The ruling reinforces that suspicion cannot substitute proof in search cases.
The assessee demonstrated that the ₹1.03 crore cash deposit arose from opening cash balance and collections from sundry debtors. The Tribunal held that the onus stood discharged and deleted the entire addition.
The Tribunal held that reassessment initiated solely on a Revenue audit objection, without fresh tangible material, is invalid. Reopening beyond four years on the same facts examined earlier amounts to impermissible change of opinion.
The ITAT Chennai held a reassessment notice under section 148 invalid as it was issued after the statutory limitation expired, emphasizing strict compliance with time limits.
