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The Tribunal held that where the difference between purchase consideration and stamp duty value is less than 10%, no addition can be made. The 10% tolerance band was treated as retrospective and applicable to AY 2017–18.
The ruling clarifies that reopening for AY 2016–17 must comply with the correct sanctioning authority requirement. Non-compliance invalidates the notice and all consequential actions under the Act.
The Tribunal observed that when a foundational jurisdictional issue exists, dismissal on limitation without examining merits is unsustainable. The reassessment and all consequential penalties were accordingly quashed.
The Tribunal held that where disallowance was accepted and taxes paid during revision under Section 263, penalty under Section 270A was not warranted. The appeal was allowed and penalty deleted.
The ITAT Kolkata held that where assessment is completed under Section 143(3), alleged earlier non-compliance with notices stands impliedly condoned. Penalty under Section 271(1)(b) was therefore unsustainable and deleted.
ITAT held that approval by the Principal Commissioner was invalid where more than three years had elapsed from the assessment year. Since Section 151(ii) required sanction from PCCIT/CCIT, the reassessment was declared void.
ITAT held that Excel sheets recovered from a third party cannot justify addition without direct evidence linking the assessee. In absence of corroboration and cross-examination, the cash investment addition was deleted.
The Tribunal held that reopening based solely on investigation wing information without independent application of mind is invalid. Mechanical reasons cannot justify reassessment under Section 147.
The Tribunal found that the investors had substantial net worth far exceeding their investments. With PAN, ITRs, bank statements, and audited financials on record, the share capital could not be treated as unexplained.
The Tribunal confirmed that once identity, source, and movement of funds are established through records, treating the investment as unexplained is unjustified. Revenues appeal was dismissed.
