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Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
The Tribunal held that mere reliance on an Investigation Wing report without linking the assessee to price manipulation cannot justify treating LTCG as bogus. Documentary evidence and banking transactions supported genuineness.
The Tribunal held that reassessment under Sections 147/148 is invalid when the assessment year is the year of search. Such cases must proceed under normal assessment provisions.
The Tribunal recalled its earlier order after finding that the assessee’s conditional withdrawal of reopening grounds was not properly considered. The matter was directed for fresh adjudication to address legal and factual issues.
The Court held that issuance of notice under Section 148 by the Jurisdictional Assessing Officer instead of the Faceless Assessing Officer is a jurisdictional defect. All consequential reassessment proceedings were set aside.
The alleged unexplained investment was based only on third-party statements and seized digital data. In absence of receipts, confirmations, or admission by the assessee, the addition of ₹50 lakh was deleted.
ITAT dismissed the Revenues appeal because it did not contest the CIT(A)s ruling that the reassessment notice was legally invalid. Without challenging the jurisdictional defect, the appeal became infructuous.
ITAT condoned a 106-day delay considering the assessees senior citizen status and bona fide reasons. On merits, it restored the capital gains issue to the Assessing Officer for de novo verification.
The Tribunal deleted the addition sustained by the CIT(A) as it was based solely on digital data found from a third party. It reiterated that suspicion or extrapolation without direct evidence cannot sustain tax additions.
The Tribunal held that cash deposits cannot be treated as unexplained when the bank account is recorded in audited books and disclosed in the ITR. In absence of contrary evidence, the addition under Section 69A was deleted.
Relying on CBDT instructions and precedent, the Tribunal ruled that approval for reopening must come from the CCIT. Approval by PCIT rendered the notice and assessment unsustainable.
