The Tribunal quashed reassessment proceedings after finding that the Assessing Officer already possessed complete information before issuing notice under section 148.
The issue was whether commercial usage converts agricultural or residential Lal Dora land into commercial property for stamp duty valuation. The Tribunal ruled that unless revenue records are amended, the original land classification prevails.
The ITAT held that gross bank credits cannot be treated as unexplained income where evidence shows the assessee merely facilitated transactions for a third party. Only a reasonable commission was directed to be taxed.
Addressing alleged cash discrepancies and debtor recoveries, the Tribunal held that such amounts form part of presumptive business receipts. Without books or adverse evidence, additions were unjustified.
The Tribunal held that when an eligible assessee fails to file objections before the DRP within time, a direct appeal to the Tribunal is barred. Non-compliance with section 144C renders the appeal non-maintainable.
The issue was whether unsecured loans could be added again after being accepted in prior proceedings. The Tribunal ruled that absence of new material bars reassessment on identical facts.
The Tribunal held that PF contribution paid within the statutory due date cannot be disallowed due to a clerical mistake. Bank records proved timely payment, nullifying the addition.
Holding the assessment void ab initio due to limitation, the Tribunal quashed the revision orders. The ruling underscores that revision cannot cure a fundamentally invalid assessment.
The Tribunal held that reassessment initiated with approval from an incorrect authority violates section 151. Such jurisdictional defect renders the section 148 notice void.
The dispute concerned treatment of frequent cash deposits collected from customers for recharge services. The Tribunal affirmed that income should be estimated at 8% where records and compliance were lacking.
