The Tribunal clarified that precedents cannot replace factual analysis under TNMM. High-turnover mismatches justified exclusion, but other comparables required verification. The ruling underscores disciplined TP benchmarking.
The Tribunal held that once delay in filing the return is condoned under Section 119(2)(b), denial of Section 80P solely for late filing is unsustainable. The deduction was directed to be allowed.
The Tribunal held that a landowner under a JDA cannot be forced to adopt the percentage completion method merely because the developer follows it. Consistent use of the project completion method was upheld as legally valid.
The Supreme Court ruled that leasing residential premises for hostels qualifies as renting for residence. GST exemption applies where the end-use is residential, even through intermediaries.
Both 12AB and 80G applications were rejected without adequate reasoning or opportunity. The Tribunal emphasized mandatory compliance with due process. The cases were sent back for de novo consideration.
This case note explains that CAs, CSs, and Advocates are protected for bona fide advice but can be prosecuted if they knowingly assist laundering. The key takeaway is that crossing from advisory to execution triggers PMLA exposure.
The Tribunal held that sanction for reopening beyond four years must be granted by the specified higher authority. Approval by a Joint Commissioner was found incompetent and void. Consequently, the reassessment was struck down as without jurisdiction.
The Court held that confiscation orders passed under GST laws are appealable under Section 107 and should not be challenged directly in writ jurisdiction. As an effective appellate remedy existed, the petition was not maintainable. The ruling reinforces the primacy of statutory remedies in GST disputes.
The Court held that presumptions under Sections 132(4A) and 292C of the Income Tax Act apply only to income-tax proceedings. GST authorities must independently assess evidence without borrowing statutory presumptions from another law.
This explains the statutory situations in which banks and authorities may freeze accounts under laws like PMLA and the Income Tax Act. The key takeaway is that freezing must have legal backing and follow due process.
