https://www.taxtmi.com/caselaws?id=750702 The ITAT Mumbai ruled in favor of the assessee JV on multiple grounds. The tribunal held that assessment orders under Section 153C/143(3) cannot override Settlement Commission orders under Section 245-I, as the latter are conclusive and cannot be reopened. The court applied the legal maxim "expressio unius est exclusio alterius" to determine that Section 153A does not override Section 245-I provisions. Regarding bogus purchases from thirty vendors, while the tribunal agreed the assessee couldn't fully establish genuineness, it directed income estimation at 8% of contractual receipts rather than complete disallowance. The tribunal upheld the genuineness of payments to IDCC based on substantial evidence including service tax returns, VAT audit reports, and audited financials showing legitimate business operations. Finally, applying the telescoping principle, the tribunal dismissed protective additions for unexplained cash credits since additional income disclosed in earlier years adequately covered alleged cash investments. en-us Tue, 27 Feb 2024 00:00:00 +0530 Thu, 28 Mar 2024 08:53:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750702 The ITAT Mumbai ruled in favor of the assessee JV on multiple grounds. The tribunal held that assessment orders under Section 153C/143(3) cannot override Settlement Commission orders under Section 245-I, as the latter are conclusive and cannot be reopened. The court applied the legal maxim "expressio unius est exclusio alterius" to determine that Section 153A does not override Section 245-I provisions. Regarding bogus purchases from thirty vendors, while the tribunal agreed the assessee couldn't fully establish genuineness, it directed income estimation at 8% of contractual receipts rather than complete disallowance. The tribunal upheld the genuineness of payments to IDCC based on substantial evidence including service tax returns, VAT audit reports, and audited financials showing legitimate business operations. Finally, applying the telescoping principle, the tribunal dismissed protective additions for unexplained cash credits since additional income disclosed in earlier years adequately covered alleged cash investments. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750702