Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The ITAT, following a difference of opinion between its members, referred the matter to a Third Member who concurred with the Judicial Member's view that the reopening of assessment under section 147 read with section 148 was invalid. The Third Member held that once the addition relating to the alleged bogus LTCG, which formed the original reason for reopening, was deleted, the other additions not forming part of the original reasons recorded could not be sustained. Consequently, the appeal was allowed in favor of the assessee, invalidating the reopening and setting aside the additional assessments made beyond the scope of the original reasons recorded.
The ITAT, following a difference of opinion between its members, referred the matter to a Third Member who concurred with the Judicial Member's view that the reopening of assessment under section 147 read with section 148 was invalid. The Third Member held that once the addition relating to the alleged bogus LTCG, which formed the original reason for reopening, was deleted, the other additions not forming part of the original reasons recorded could not be sustained. Consequently, the appeal was allowed in favor of the assessee, invalidating the reopening and setting aside the additional assessments made beyond the scope of the original reasons recorded.
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