Assessment u/s 153A lacked incriminating material - additions ...
Tax assessments arbitrary sans incriminating evidence. Reassessment needs material proof. Unexplained credits deleted if source unverified. No disallowance without incrimination.
Case Laws Income Tax
August 6, 2024
Assessment u/s 153A lacked incriminating material - additions arbitrary. Fictitious commodity losses disallowed due to absence of tangible evidence of undisclosed income or unaccounted assets. Reassessment requires incriminating material as per Saumya Construction case. Unexplained credits u/s 68 deleted as AO failed to verify "source of source" despite assessee providing information. Disallowance u/s 14A r.w.r.8D deleted for unabated years lacking incriminating material, following Saumya Construction and Kabul Chawla cases. Assessee being share dealer doesn't exempt from Section 14A. Revenue's grounds dismissed, assessee's allowed.
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