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Assessment framed in the name of non-existing entity/ died person is null and voidab initio ITAT BOMBAY on Nov 6, 2019
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It is well settled that in case the books of accounts are rejected the income of the business in which the Assessee was engaged can be determined by estimating the profit rate considering past history.
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अगर कदाता को धारा 143(3) द्वारा पारित ऑर्डर्स में किसी छूट को लगातार दिया जा रहा है तो कर निर्धारण अधिकारी को principle of of consistency के आधार पर वह छूट देनी पड़ेगी राजकोट ट्रिब्यूनल के 20.9.2019 के फैसले
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SUPREME COURT OF INDIA held on Aug 13, 2019 that when there is complete absence of notice under section 143(2) then entire proceedings would be invalid and in that case no cure even if the assessee participated in assessment proceedings.
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Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38)
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Unless corroborative evidence is found during course of survey, search & seizure, addition cannot be made merely on statement recorded.
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the AO’s failure to issue notice under section 143(2) after filing ITR invalidated the order of reassessment. Issue of notice u/s 143(2) before filing of ITR is not compliance of provision order quashed and cannot be condoned by referring to section 292BB of the Act
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If Assessee proved identity, creditworthiness as well as genuineness of transactions then the Assessee had discharged its primary onus on providing complete details in respect of loan transactions and if AO failed to carry out any fruitful investigation then no addition could be made towards unexplained unsecured loans. 29 Judgement discussed
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Approval / sanction by merely writing “Approved” to reopen the case u/s 147 is not sustainable
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No addition in respect of share application money when names and addresses of share holders were given to AO