Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
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Reopening of assessment was challenged on the ground that the assessing officer had accepted the assessee's explanation regarding the source of investment in property. The tribunal relied on precedent to conclude that once the AO accepted the explanation recorded in reasons, the AO lacked basis to make an independent addition in respect of that subject-matter. Consequently, the addition made in the assessment was deleted and the assessment adjustment was set aside in favour of the assessee.
Reopening of assessment was challenged on the ground that the assessing officer had accepted the assessee's explanation regarding the source of investment in property. The tribunal relied on precedent to conclude that once the AO accepted the explanation recorded in reasons, the AO lacked basis to make an independent addition in respect of that subject-matter. Consequently, the addition made in the assessment was deleted and the assessment adjustment was set aside in favour of the assessee.
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