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ITAT Mumbai observed that additions based solely on estimation do not establish concealment of income. Consequently, penalty under Section 271(1)(c) was deleted for both assessment years.
The Tribunal held that reassessment cannot survive when the final addition differs from the reasons recorded. Treating dividend as unexplained cash credit was beyond the scope of reopening.
Relying on the Supreme Court ruling in Rajeev Bansal, ITAT ruled that proper sanction is mandatory under the new reassessment regime. Non-compliance with Section 151 rendered the notice and subsequent proceedings void ab initio.
The Tribunal ruled that mere reliance on Sales Tax Department information and unserved notices cannot justify full addition. Since turnover and quantitative records were accepted, only estimated profit could be taxed.
The Tribunal set aside denial of exemption where authorities taxed interest and other receipts without examining eligibility under Section 11. The issue was remanded for fresh adjudication.
ITAT Mumbai deleted ₹2 crore additions, holding assessment based solely on third-party investigation report and assumed 3% commission unsustainable without independent evidence or proof under Sec 69A.
he Tribunal emphasized that assessment and penalty proceedings are distinct and strict proof of concealment is required. Estimated additions alone cannot justify penalty under Section 271(1)(c).
The Tribunal ruled that assessment orders in e-proceedings must be digitally signed as per CBDT instructions. A manually signed order was held illegal and liable to be quashed.
The Tribunal held that the relevant date for Section 54 is possession of the new residential house, not the agreement date. Since possession was taken within two years of sale, exemption was allowed.
ITAT deleted ₹60 lakh addition as the Revenue relied solely on a third-party confession without independent verification. Documentary evidence such as confirmations, ITRs and bank statements discharged the assessee’s onus.
