Judgement

Penalty cannot be levied where additions are based purely on estimation of profit element in alleged bogus purchases, rules Tribunal

ITAT Deletes Penalty Where Bogus Purchase Addition Based on Estimated Profit

Addition unsustainable where housing loan and spouse’s bank trail accepted in parallel assessment

Interest and other non-mutual income require examination under Section 11, not merely on principle of mutuality, rules ITAT.

Wrong invocation of Section 143(3) in post-search proceedings and mechanical approval under Section 153D vitiate assessment

Addition for alleged unexplained credits deleted after admission of DEMAT statement under Rule 46A; Revenue’s appeal dismissed.

ITAT reiterates distinction between “lack of inquiry” and “inadequate inquiry”