https://www.taxtmi.com/caselaws?id=388671 The tribunal ruled in favor of the assessee, quashing the assessment orders and consequential penalty order. The approval under Section 153D of the Income Tax Act was deemed invalid due to lack of independent application of mind. The additions sustained by CIT(A) based on presumptions were found arbitrary and lacking concrete evidence. The onus of proof regarding unexplained investment was not met by the Assessing Officer, leading to unsustainable additions. Consequently, the assessment orders and penalty orders were invalidated, emphasizing the need for thorough approval processes and substantiation of additions with concrete evidence. en-us Wed, 06 Nov 2019 00:00:00 +0530 Wed, 20 Nov 2019 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388671 The tribunal ruled in favor of the assessee, quashing the assessment orders and consequential penalty order. The approval under Section 153D of the Income Tax Act was deemed invalid due to lack of independent application of mind. The additions sustained by CIT(A) based on presumptions were found arbitrary and lacking concrete evidence. The onus of proof regarding unexplained investment was not met by the Assessing Officer, leading to unsustainable additions. Consequently, the assessment orders and penalty orders were invalidated, emphasizing the need for thorough approval processes and substantiation of additions with concrete evidence. Case-Laws Income Tax Wed, 06 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388671