Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
ITAT upheld the CIT(A)'s deletion of addition u/s 69B r.w.s. 115BBE in respect of alleged "on-money" for purchase of land. The Tribunal held that loose sheets and diaries seized from a third party, containing only dates, amounts and abbreviated names without identifying payer, payee, nature or purpose of transactions, were "dumb documents" lacking evidentiary value. The material was neither seized from the assessee nor in assessee's or vendors' handwriting, and no independent, corroborative evidence or actual money trail was brought on record. The AO's reliance on such uncorroborated documents and a subsequently retracted statement was held legally untenable. Consequently, the addition for unexplained investment was unsustainable, and the assessee's appeal was allowed.
ITAT upheld the CIT(A)'s deletion of addition u/s 69B r.w.s. 115BBE in respect of alleged "on-money" for purchase of land. The Tribunal held that loose sheets and diaries seized from a third party, containing only dates, amounts and abbreviated names without identifying payer, payee, nature or purpose of transactions, were "dumb documents" lacking evidentiary value. The material was neither seized from the assessee nor in assessee's or vendors' handwriting, and no independent, corroborative evidence or actual money trail was brought on record. The AO's reliance on such uncorroborated documents and a subsequently retracted statement was held legally untenable. Consequently, the addition for unexplained investment was unsustainable, and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
