The tribunal held that Section 41(1) applies only when a liability is actually remitted or ceases to exist. Mere passage of time or old outstanding balances cannot justify a deemed income addition.
The tribunal held that late filing of Form 10B is a procedural lapse and cannot defeat exemption under Section 11. If the audit report is available before assessment or rectification, exemption must be allowed.
The dispute involved additions of partners capital treated as unexplained cash credits. The Tribunal did not rule on merits but remanded the matter due to procedural violation by the appellate authority. It highlights that appellate orders must be reasoned and speaking.
The tribunal held that taxing the full sale consideration as short-term capital gain without allowing cost of acquisition is legally incorrect. Capital gains must be computed on net gains, not gross receipts.
Although the Revenue followed the new reassessment procedure, the notice was issued beyond the allowable time. The Tribunal set aside the reassessment as void ab initio.
The tribunal held that reassessment under Section 153C cannot stand without valid satisfaction as mandated by law. Failure to examine this jurisdictional issue vitiates the proceedings.
Courts below treated an agreement to sell as a conveyance due to possession with the buyer. The Supreme Court ruled that without express or implied surrender of tenancy, no deemed conveyance arises.
The tribunal held that estimating commission income at 1% without verifying the existence of a genuine Shroff business was legally unsustainable. The matter was remanded for fresh examination by the Assessing Officer.
The tribunal held that refusal to condone delay defeats substantial justice when reasonable cause exists. Delay was directed to be condoned and appeal heard on merits.
Where funds were merely routed through the assessee’s bank account, the tribunal ruled that only commission income is taxable. The earlier 2% estimation was reduced to 1.5% as more reasonable.
