Ex-parte assessment order set aside and remanded for fresh hearing after condoning a 1439-day delay. Ex-parte assessment order set aside and remanded for fresh hearing after condoning a 1439-day delay. Issue Whether a substantial delay of 1,439 days in filing an appeal before the CIT(A) should be condoned, and the matter remanded for fresh assessment,… Read More »
Bogus purchase additions based on mere suspicion and estimation without book defects must be deleted. Issue Whether the Assessing Officer and the CIT(A) were justified in sustaining an addition for alleged bogus purchases based on third-party search statements, despite the assessee providing comprehensive quantitative reconciliations, direct Section 133(6) confirmations, and faultless audited books of account.… Read More »
CIT(A) was justified in deleting Section 68 addition as the share sale transaction was fully substantiated. Issue Whether the Commissioner of Income-tax (Appeals) [CIT(A)] was justified in deleting an addition made by the Assessing Officer under Section 68 on account of an alleged bogus sale of unlisted equity shares by the amalgamating companies prior to… Read More »