Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
HC invalidated reassessment proceedings initiated under s.147 for AY 2014-15. AO's reliance solely on insight portal information regarding transactions with ASE Capital Markets Ltd was deemed mechanical and without independent application of mind. The assessee had fully disclosed F&O losses of Rs.41,56,218 in original return, accepted under s.143(3). AO failed to explain why only Rs.27,61,650 was considered non-genuine. No tangible material or verification supported the reopening, and AO's belief was based on borrowed satisfaction without considering existing assessment records. Court found no failure by assessee to disclose material facts, making reopening after four years unjustified as it merely reflected change of opinion.
HC invalidated reassessment proceedings initiated under s.147 for AY 2014-15. AO's reliance solely on insight portal information regarding transactions with ASE Capital Markets Ltd was deemed mechanical and without independent application of mind. The assessee had fully disclosed F&O losses of Rs.41,56,218 in original return, accepted under s.143(3). AO failed to explain why only Rs.27,61,650 was considered non-genuine. No tangible material or verification supported the reopening, and AO's belief was based on borrowed satisfaction without considering existing assessment records. Court found no failure by assessee to disclose material facts, making reopening after four years unjustified as it merely reflected change of opinion.
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