Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
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ITAT allowed assessee's appeal regarding unexplained cash deposits under Section 69A, finding inadequate inquiry by tax authorities. Assessee, who was minor at time of alleged deposits, contended bank account was opened through PAN misuse without his knowledge and filed police complaint. Despite assessee's submissions regarding lack of financial capacity and fraudulent account opening, AO failed to obtain crucial bank documents including account opening forms, statements, or conduct proper verification with bank officials. CIT(A) erroneously confirmed addition solely based on absence of police inquiry. ITAT held that lack of police investigation cannot justify confirming substantial unexplained deposits when assessee provided specific defense and authorities conducted no meaningful verification. Matter remanded to AO for fresh assessment with proper inquiry into account opening, operation, and deposit sources.
ITAT allowed assessee's appeal regarding unexplained cash deposits under Section 69A, finding inadequate inquiry by tax authorities. Assessee, who was minor at time of alleged deposits, contended bank account was opened through PAN misuse without his knowledge and filed police complaint. Despite assessee's submissions regarding lack of financial capacity and fraudulent account opening, AO failed to obtain crucial bank documents including account opening forms, statements, or conduct proper verification with bank officials. CIT(A) erroneously confirmed addition solely based on absence of police inquiry. ITAT held that lack of police investigation cannot justify confirming substantial unexplained deposits when assessee provided specific defense and authorities conducted no meaningful verification. Matter remanded to AO for fresh assessment with proper inquiry into account opening, operation, and deposit sources.
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