Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT allowed the assessee's appeal and quashed the reassessment. It held that the notice issued u/s 148 was unsigned and therefore non est in law, vitiating the entire reassessment order. ITAT further held that reassessment proceedings were invalid as reasons recorded for reopening were not supplied to the assessee before issuance of notice u/s 143(2), thereby denying the assessee its right to challenge jurisdiction and breaching mandatory procedural safeguards. On merits, ITAT deleted the addition u/s 68, noting that the assessee had discharged the onus by furnishing confirmations, ITR acknowledgments, bank statements and audited financials of the loan creditor, and had repaid the loan, which the AO and CIT(A) failed to properly consider.
ITAT allowed the assessee's appeal and quashed the reassessment. It held that the notice issued u/s 148 was unsigned and therefore non est in law, vitiating the entire reassessment order. ITAT further held that reassessment proceedings were invalid as reasons recorded for reopening were not supplied to the assessee before issuance of notice u/s 143(2), thereby denying the assessee its right to challenge jurisdiction and breaching mandatory procedural safeguards. On merits, ITAT deleted the addition u/s 68, noting that the assessee had discharged the onus by furnishing confirmations, ITR acknowledgments, bank statements and audited financials of the loan creditor, and had repaid the loan, which the AO and CIT(A) failed to properly consider.
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