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The case involved reassessment based on alleged cash payment for property. The Tribunal held that basic fact-checking is mandatory before confirming a ₹71.23 lakh addition under Section 69A.
ITAT Mumbai held that additions made on substantive and protective basis merely on the strength of BUP IDs, internal identifiers, and presumptive opening deposits are unsustainable. Accordingly, appeal of revenue dismissed.
Calcutta High Court held that reassessment proceedings initiated under section 148 of the Income Tax Act based on the same survey material which was already accepted by AO in earlier proceedings is not sustainable in law. Accordingly, reassessment proceedings cannot be sustained.
The Tribunal held that operational suspension and status quo directions do not permit nil valuation of stock. Proper valuation is mandatory under the mercantile system.
The Tribunal examined whether reassessment beyond three years was valid when the assessed escaped income was only ₹13.98 lakh. It held that failure to meet the ₹50 lakh threshold under section 149(1)(b) rendered the reassessment without jurisdiction.
ITAT held that on-money admitted by a seller before the Settlement Commission cannot be presumed against the purchaser without independent evidence. In absence of any seized material or proof of cash payment, the addition u/s 69 was deleted.
The dispute involved penalties on bank interest earned by a mutual entity prior to a change in law. The Tribunal held that a bona fide claim based on settled law cannot be treated as concealment, warranting deletion of penalties.
The ITAT held that the appellate authority mechanically affirmed reassessment additions without independent examination of merits. The matter was remanded to grant the assessee a fair and effective opportunity to explain cash deposits and other additions.
ITAT Delhi held that without a clear and direct connection between the facts and the alleged escapement of income, the reasons recorded remains speculative, therefore, the reopening cannot be justified. Accordingly, appeal allowed to that extent.
The ITAT held that reassessment based on a duplicate PAN, despite disclosure under a valid PAN, suffers from jurisdictional infirmity. Ex parte orders passed without addressing such objections violate principles of natural justice.
