The issue was whether interest could be taxed on interest-free advances where no interest was charged or received. The Tribunal held that hypothetical income cannot be taxed without accrual or deeming provision. The ruling reinforces that only real income is taxable.
The Court set aside a reassessment order passed in the name of a deceased assessee, holding that proceedings cannot continue after authorities are informed of death. Fresh proceedings may be initiated against legal representatives as per law.
The tribunal held that a petition is not maintainable where the applicant is neither a shareholder nor member, and where disputes stem from a private MoU rather than company affairs.
The tribunal allowed a remand where unexplained cash deposits were added based on a PAN-linked account. The key takeaway is that effective opportunity must be given to disown alleged accounts.
Reversal ordered due to cancelled registration was set aside once the cancellation itself was undone. The ruling reaffirmed the linkage between valid cancellation and ITC reversal.
The Tribunal held that merely reclassifying a disclosed business loss as speculative loss does not amount to under-reporting. Penalty under section 270A was therefore deleted.
The authority rejected the refund citing non-submission of LUT before export. The court found that the clarification allowing ex post facto LUT was ignored and ordered reconsideration.
The Court held that compounding under the Companies Act requires payment by the concerned officer himself and directed correction of records where a third party had paid.
The dispute centered on whether co-insurance administration fees required tax deduction at source. The Tribunal upheld their allowability without TDS, noting the issue was repeatedly settled in earlier years. The key takeaway is that consistent past rulings in identical facts will be followed.
The court held that cancellation for six months’ non-filing could be revoked where the explanation was genuine. Restoration was allowed subject to strict compliance with return filing and payment conditions.
