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...
ITAT allowed the appeal and directed the JAO to rectify the assessment u/s.154 and delete the demand. Tribunal found, on the basis of Form 26AS and a bank certificate, that the TDS was wrongly deducted under s.194A when funds were transferred from a CGAS account to a regular savings account; the bank conceded the error and records showed corresponding entries in the capital gains account and bank statements. The Tribunal held that systemic inability of revenue systems to process an apparent error cannot prejudice the taxpayer and cannot justify sustaining an unjust demand. Consequently the rectification was ordered to be carried out by the assessing officer and the demand raised on the taxpayer was quashed.
ITAT allowed the appeal and directed the JAO to rectify the assessment u/s.154 and delete the demand. Tribunal found, on the basis of Form 26AS and a bank certificate, that the TDS was wrongly deducted under s.194A when funds were transferred from a CGAS account to a regular savings account; the bank conceded the error and records showed corresponding entries in the capital gains account and bank statements. The Tribunal held that systemic inability of revenue systems to process an apparent error cannot prejudice the taxpayer and cannot justify sustaining an unjust demand. Consequently the rectification was ordered to be carried out by the assessing officer and the demand raised on the taxpayer was quashed.
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