Approvals under s.153D found mechanical and invalid; s.153A/s.153D assessments quashed; s.68 additions deleted where books rejected and s.144 best-jud...
The HC set aside and quashed the respondent's assessment and demand notices, holding that the Principal Commissioner rightly limited proceedings to an Rs. 80 lakh property purchase and treated only Rs. 2,84,060 as assessable under s.69. The court accepted that the applicant had availed the Income Disclosure Scheme, 2016 and had declared and credited disclosed amounts to bank accounts, precluding the Revenue from reopening tax liability on those disclosures absent fraud or misrepresentation. Consequently the HC quashed the assessment framed under ss.147, 144 and 144B and the impugned order dated 14.11.2023, thereby nullifying consequential notices and restraining further assessment beyond the restricted scope determined by the appellate authority.
The HC set aside and quashed the respondent's assessment and demand notices, holding that the Principal Commissioner rightly limited proceedings to an Rs. 80 lakh property purchase and treated only Rs. 2,84,060 as assessable under s.69. The court accepted that the applicant had availed the Income Disclosure Scheme, 2016 and had declared and credited disclosed amounts to bank accounts, precluding the Revenue from reopening tax liability on those disclosures absent fraud or misrepresentation. Consequently the HC quashed the assessment framed under ss.147, 144 and 144B and the impugned order dated 14.11.2023, thereby nullifying consequential notices and restraining further assessment beyond the restricted scope determined by the appellate authority.
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