The ITAT set aside a massive unexplained investment addition made on a joint bank account, ruling that the CIT(A) failed to consider vital documentary evidence submitted by the assessee. The case is remanded to the AO for fresh verification of the documents, which claim the deposits were company business, not personal income.
ITAT Lucknow held that rectification under Section 154 cannot be invoked when a trust deed does not specify beneficiaries’ shares. Since the shares were indeterminate, taxation at the maximum marginal rate under Section 164 was rightly applied.
Hyderabad ITAT ruled that the Rs.153C notice against VPR Mining for AY 2018-19 was void ab initio. The court held that without incriminating material pertaining to the relevant year, an assessment based solely on external GST data, independent of the original search and seizure, is invalid.
The ITAT confirmed the deletion of a ₹72 crore addition made under Section 143(1) by the CPC, which resulted from a tax auditor’s inadvertent reporting error in Form 3CD (using the opening instead of the closing inventory). The ruling established that the CIT(A) can directly verify evidence and grant relief for such genuine clerical mistakes without remanding the case to the AO.
The Tribunal deleted the unexplained investment (Section 69) and cash interest (Section 69A) additions, emphasizing that unsigned, vague slips and digital data, where the parties were not confronted and no independent verification was done, have no evidentiary value in search assessment law. This aligns with Supreme Court rulings on the invalidity of additions based on non-speaking loose sheets.
Delhi High Court mandates an EOW probe into alleged forgery of Customs stamps at IGI Airport after officials denied gold owners’ representations. Court also orders CBIC to improve passenger accessibility.
ITAT Delhi remands trust registration u/s 12A denial after finding the rejection was ex-parte and non-compliance was due to the previous counsel’s failure.
Madras HC sets aside an assessment order, ruling that uploading an SCN only on the GST portal is insufficient when the taxpayer’s registration is already cancelled.
Madras HC allows Aashi Creations to re-export seized consignment pending adjudication, subject to a bond covering differential duty and a 20% bank guarantee on redetermined value.
AP High Court sets aside GST penalty, ruling that the summary assessment order (DRC-07) must be signed and issuance of mandatory Rule 142(1A) notice is necessary.
