Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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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