The tribunal addressed the appeals filed by Pawan Kumar Agarwal against the orders by Pr. CIT – 12, New Delhi. The case, focusing on the assessment year 2012-13, deals with complex issues under section 263 of the Income Tax Act, 1961.
The case revolves around the revisionary jurisdiction used to challenge the assessment orders which lacked any incriminating material at the onset of the search operation. It highlights how previous assessments were not pending at the time of the search and thus had already attained finality.
The tribunal’s analysis delves into the adequacy of the evidence or lack thereof, used to justify the reassessment. The discussion extends to the procedural aspects and the legal precedents that shield the assessee’s earlier conclusions from being arbitrarily reassessed without new incriminating evidence.
This detailed examination concludes that the orders under section 263 were beyond the permissible scope without substantial incriminating evidence. The tribunal’s decision to set aside the Pr. CIT’s order reaffirms the stringent requirements for reassessment under Indian tax law.
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