Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT allowed the appeal and deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
ITAT allowed the appeal and deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
