The Tribunal held that the CIT(A) erred by dismissing the penalty appeal solely due to VSVS settlement of interest, without adjudicating the depreciation-related penalty. Key takeaway: all grounds ...
The ITAT confirmed an addition of Rs. 28 lakh under Section 69A, ruling that the assessee failed to substantiate the source of cash deposits made over four years. Burden of proof lies on the taxpayer ...