The Tribunal found that the AO wrongly taxed an investment in an incorrect assessment year. Evidence showed the purchase occurred earlier than the year under consideration. The decision highlights the importance of correct year-wise taxation.
The issue was whether cash deposits from business sales could be treated as unexplained income under Section 68. ITAT held that recorded cash sales forming part of turnover cannot be taxed as unexplained credits.
New rules allow automatic investment for holdings below 10% without control. The key takeaway is eased entry for global funds with limited exposure.
Section 54 applies only to refunds of legally recognized tax, not all payments made to the Government. The ruling highlights the need to first determine whether the amount qualifies as “tax.”
The ITAT held that issuing a demand notice and penalty along with a draft order makes it a final order. Non-compliance with Section 144C rendered the assessment invalid.
The issue concerns procedural requirements for filing GST appeals. The instructions mandate document submission and pre-deposit, ensuring proper compliance and avoiding defects.
The issue arose from disruption in shipping routes due to closure of a key maritime passage. CBIC allowed transhipment of FCL and LCL cargo from all ports and airports to ease congestion. The key takeaway is enhanced flexibility and faster cargo movement during disruptions.
The issue was whether self-sealing permission granted to exporters has a fixed validity period. CBIC clarified that such permission continues indefinitely unless withdrawn for non-compliance or misuse.
The Tribunal held that CIT(A) cannot make a fresh addition without issuing an enhancement notice. Cash redeposits from explained loan withdrawals were accepted as genuine.
The Tribunal held that transfer pricing adjustment cannot survive without a final assessment order post-DRP directions. Repeating such addition in a Section 263 order was held invalid.
