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The ITAT Delhi has dismissed the Revenue’s appeal in the case of ACIT vs. Cogent Realtors Pvt. Ltd. The appeal was dismissed based on the lack of jurisdiction under Section 153C of the Income Tax Act due to the absence of incriminating material. The disallowance made by the Assessing Officer was also found to be unsustainable.
ITAT Delhi has ruled that additions made under Section 153C of Income Tax Act cannot be sustained without any incriminating material found during a search and seizure operation.
Delhi High Court held that case can duly be transferred from Jurisdictional Assessing Officer to Central Circle by way of passing order under section 127 of the Income Tax Act.
ITAT Delhi held that addition based on some dummy name without incriminating material reflecting name of the assessee is unjustified.
ITAT Bangalore held that any proceedings taken against the deceased before his death shall be deemed to have been taken against the legal representative. However, penalty order passed in the name of death person after his death is invalid.
ITAT Delhi held that assessment order passed on non-existing entity (dissolved company) is liable to be quashed as the Assessing Officer has the knowledge of the dissolution of the company.
ITAT Hyderabad held that statement of a third party already recorded u/s 132(4) of the Income Tax Act cannot be considered as an incriminating document for the purpose of making the addition u/s 153A of the Income Tax Act.
ITAT Mumbai held that the assessment made u/s 153C of the Income Tax Act beyond the six assessment year is without jurisdiction and liable to be quashed.
Merely the parties agreed to not to charge/pay interest on loan will not vitiate the genuineness of such loan transaction unless and until the revenue brought some cogent material on record to prove that such transaction of loan is not genuine.
DCIT Vs U.K. Paints (Overseas) Ltd. (Supreme Court of India) As found by the High Court in none of the cases any incriminating material was found during the search either from the Assessee or from third party. In that view of the matter, as such, the assessments under Section 153-C of the Act are rightly […]
