Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of The ITAT held that the reopening of assessment under section 147 was procedurally flawed as the notice under section 148A(b) did not indicate escapement of income, rendering the addition under section 68 on Rs.17 lakhs received from a shell company unsustainable. The Tribunal dismissed the reopening and addition on this ground. Regarding the addition on account of sale of investments, the assessee had furnished adequate evidence which the AO and CIT(A) failed to consider; thus, the addition was deleted, and the matter remanded for reassessment. Concerning disallowance of salaries paid to 34 employees, the Tribunal found no defect or justification for disallowance, emphasizing that the tax authorities cannot question the business decision regarding employee strength or salary payments, and upheld the salaries as allowable expenditure.
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