HC Strikes Down Reassessment Based on Lack of Bank Clarification The petitioner challenged the reopening of assessment for AY 2018-19 initiated through notice under Section 148, along with the order passed under Section 148A(d) of the Income Tax Act. The reassessment was triggered on the basis of certain cash transactions reflected in the petitioner’s bank…
HC Upholds Deletion of Rs. 5.04 Cr Bogus Purchase Addition Lacking Evidence The assessee filed return for AY 2012–13 declaring income of Rs. 9.90 lakh, which was initially assessed under Section 143(3). Subsequently, based on information from the Investigation Wing alleging transactions with M/s Keshav Impex (an alleged accommodation entry provider), the assessment was reopened…
High Court Quashes Reassessment Notice Based on Same Bank Deposits Already Examined Earlier M/s. Sanjay Kumar Bijay Kumar, a partnership firm engaged in the wholesale and retail trade of cattle feed and building materials, challenged reassessment proceedings initiated for AY 2019-20. The firm held two PANs but had consistently filed its income tax returns using…
ITAT Deletes Rs. 14.74 Lakh Section 69 Addition and Alleged On-Money in Flat Purchase Case Smt. Mithlesh Amarnath Maurya did not file her return for A.Y. 2013-14. Reassessment under section 147 was initiated based on search-related information in the case of M/s Bhagwati Developers group alleging on-money in property transactions. The Assessing Officer alleged that…
ITAT Restricts Stock Addition to Rs. 19.46 Lakh; Survey Working Found Inflated The assessee, a jeweller trading as Sharada Jewellers, was subjected to survey on 02.08.2017. During the survey, physical stock of gold and silver jewellery was inventorised and compared with the book stock computed on provisional figures, as the return for AY 2017-18 had…
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