The Tribunal ruled that actual use of the property during the year is not a pre-condition for including it in the block of assets. Depreciation eligibility differs from eligibility for block inclusion under Section 50.
The Tribunal emphasized that without physical goods, exports and stock reconciliation would not be possible. Since quantitative records and gross profit remained consistent, the addition under Section 69C was deleted.
The Tribunal emphasized that the statutory option under Rule 11UA(2) lies exclusively with the assessee. Replacing DCF with NAV without demonstrating fatal flaws in valuation violates the legal framework.
The Tribunal ruled that adopting stamp duty value without obtaining a DVO report violates Section 50C when the assessee disputes fair market value. The matter was restored for fresh adjudication after obtaining proper valuation.
Penalty imposed under Section 271AAA was set aside, holding that only the Assessing Officer is empowered to levy such penalty. The Tribunal further ruled that once quantum addition is deleted, penalty cannot survive.
The High Court held that Rule 86A does not permit blocking of input tax credit beyond the amount available in the Electronic Credit Ledger. Negative balance entries were set aside as unsustainable.
The Madras High Court set aside a GST assessment order as no personal hearing was granted, even though notices were uploaded on the portal. The Court held that mere portal service without effective opportunity violates principles of fairness.
The Bombay High Court held that a pending penalty appeal qualifies as a “dispute” under the Vivad Se Vishwas Scheme. Rejection solely for absence of assessment appeal was set aside
The Tribunal held that disallowance based solely on tax audit reporting required factual verification. The issue was remanded for examining whether the power liability provision was wrongly treated as contingent.
The Tribunal held that mere non-participation in inquiry and reliance on government-issued IEC and GSTIN cannot establish breach of CBLR obligations. Licence revocation and penalty were quashed for lack of evidence.
