ITAT Mumbai deleted ₹20,000 yearly penalties where assessments under section 153C accepted returned income with no additions, holding notice non-compliance as merely technical.
ITAT Delhi affirmed direction of CIT(A) to take average of prices reported in Kingsman Publication report and New York Board of Trade [NYBOT] price after converting FOB as per Comparable Uncontrolled Price [CUP] for purpose of computing ALP on issue of import sugar.
The issue was whether proceeds from sale of carbon credits constitute business income. ITAT held such receipts are capital in nature and not chargeable to tax, following binding High Court precedent.
Emphasising strict compliance, the Tribunal ruled that assessments under section 153A without prior section 153D approval are invalid. Cross-objections became infructuous once Revenue appeals were dismissed.
The case examined whether general search statements can justify additions under section 68. The Tribunal held that without a cash trail or independent enquiry, such statements cannot override documentary proof.
The Tribunal held that section 144C cannot be invoked where the TPO proposes no income variation. As the assessee was not an eligible assessee, the assessment was quashed as without jurisdiction.
The dispute concerned denial of TDS credit citing inconsistencies in reported transaction values. The ruling clarified that Form 26AS is decisive for TDS credit when deduction and deposit are undisputed.
The Tribunal upheld deletion of additions where loan repayments were sourced from stock sales and fresh loans. It ruled that without rejecting books or disproving records, section 68 cannot be invoked.
The Tribunal considered whether RTGS credits constituted unexplained money. It ruled that once sale bills, customer ledgers, and bank entries align, Section 69A has no application.
The agreement removes or reduces duties on most traded goods. It significantly improves export competitiveness and bilateral market access.
