The law taxes the annual value of property based on ownership, not just actual rent received. Even vacant or self-occupied properties can attract tax under Section 22, reflecting their earning potential.
ITAT clarified that a statement recorded during search does not automatically become incriminating material. Without supporting documentary evidence, additions under Section 69A cannot survive.
A comprehensive analysis of ITC under GST, covering statutory conditions, blocked credits, supplier default issues, and landmark judicial interpretations shaping taxpayer rights.
The Tribunal emphasized that documentary evidence including bank statements and lender confirmations sufficiently explained the disputed credits. It held that no addition for unexplained money was warranted.
The Supreme Court set aside a High Court order reducing a three-year jail sentence in an attempt-to-murder case, holding that compensation cannot substitute custodial punishment. It stressed proportional sentencing and deterrence.
While condoning procedural delay, the Tribunal emphasized fairness and allowed substantial relief in a capital gains computation dispute. It directed recalculation of indexed cost after permitting 80% of claimed improvement expenses.
The Tribunal held that when sales are undisputed and books of account remain intact, purchase additions require stronger evidence. In the absence of contrary material, the ₹35.48 lakh disallowance was deleted.
Although stamp law generally places registration costs on buyers, the Tribunal held that parties may contract otherwise. Since the sale deed clearly assigned the burden to the seller, the ₹5.47 lakh disallowance was deleted.
The Tribunal reversed additions made towards alleged suppressed rent and bogus salary expenses. It emphasized factual consistency, business necessity, and absence of tax avoidance in granting relief to the assessee.
As the deadline nears, MSMEs face documentation-heavy scrutiny under the scheme. Eligibility depends on structured compliance, not just capital investment.
