Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The ITAT held that the assessing officer must compute tax liability on the addition under section 69A at the 30% rate prescribed by the pre-amended section 115BBE, rejecting application of the post-amendment 60% rate; the Tribunal followed the reasoning of its coordinate bench and applied precedent to direct reassessment consistent with the pre-amendment regime. The AO is directed to determine tax on the specified addition accordingly, with consequential adjustments as necessary. The additional ground invoked by the assessee is allowed and the matter is remitted for computation and assessment in accordance with this direction.
The ITAT held that the assessing officer must compute tax liability on the addition under section 69A at the 30% rate prescribed by the pre-amended section 115BBE, rejecting application of the post-amendment 60% rate; the Tribunal followed the reasoning of its coordinate bench and applied precedent to direct reassessment consistent with the pre-amendment regime. The AO is directed to determine tax on the specified addition accordingly, with consequential adjustments as necessary. The additional ground invoked by the assessee is allowed and the matter is remitted for computation and assessment in accordance with this direction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
