TaxTMI 
TaxTMI 
2015 (2) TMI 711
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.... law : "A. Whether the hon'ble Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, was justified in accepting the reason for withdrawal and subsequently deposit of in the savings bank account pertains to purchase of some property which ultimately not materialised without any documentary evidence ? B. Whether the Income-tax Appellate Tribunal was justified in deleting the addition of Rs. 43,01,000 in the case wherein the assessee has failed to furnish the sources of deposits of Rs. 43,01,000 in the savings bank account before the Assessing Officer and even before the learned Commissioner of Income-tax (Appeals) in vi....
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.... Income-tax (Appeals) while confirming the agricultural income as income from undisclosed sources up to Rs. 50,000 directed the Assessing Officer to assess Rs. 6,50,000 as the agricultural income for rate purposes only. Still dissatisfied, the assessee filed an appeal before the Tribunal who, vide order dated September 27, 2012 (annexure A-3), deleted the addition of Rs. 43,01,000 made by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals). Hence, the present appeal by the Revenue. 3. Learned counsel for the appellant submitted that the Tribunal, while reversing the findings of the Assessing Officer and the Commissioner of Income-tax (Appeals), had not passed the reasoned speaking order which is the mandate as l....
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....trary exercise of judicial and quasi-judicial or even administrative power. (e) Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. (f) Reasons have virtually become as indispensable a component of a decision-making process as observing principles of natural justice by judicial, quasi-judicial and even by administrative bodies. (g) Reasons facilitate the process of judicial review by superior courts.....
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....#39;rubber-stamp reasons' is not to be equated with a valid decision making process. (m) It cannot be doubted that transparency is the sine qua non of restraint on abuse of judicial powers. Transparency in decision making not only makes the judges and decision makers less prone to errors but also makes them subject to broader scrutiny (see David Shapiro in Defence of Judicial Candor (1987) 100 Harward Law Review 731-737). (n) Since the requirement to record reasons emanates from the broad doctrine of fairness in decision making, the said requirement is now virtually a....
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....ments since 2001-02 are placed on record. As regards the cash deposits found in the three different bank accounts, the assessee had submitted cash flow statement which has not been considered by either of the authorities below. The assessee had submitted the explanation that the cash has been withdrawn for purchase of some property which ultimately had not been materialised and the cash was deposited back as per the requirement in the bank account. There is nothing on record brought out by either of the lower authorities that cash has been invested elsewhere. Therefore, in the facts and circumstances of the case, the Assessing Officer is not justified in treating the cash deposits as unexplained and the same cannot be added to the income of....