The Court reaffirmed that lease rent paid for use of land qualifies as “rent” under Section 194I. Revenue’s appeals were dismissed in light of binding precedent.
The Tribunal ruled that the Assessing Officer must prove actual possession of unexplained money with cogent evidence. Mere suspicion or reliance on third-party search statements is insufficient to justify addition under Section 115BBE.
The Tribunal held that once satisfaction is recorded under Section 153C, assessment for covered years must proceed strictly under that provision. Framing assessment under Section 143(3) was declared jurisdictionally invalid and quashed.
The Tribunal held that reassessment for AY 2015–16 was barred by limitation as the Section 148 notice was issued beyond the permissible period. It ruled that TOLA did not extend the time limit and the proceedings were void ab initio.
The Tribunal held that the Assessing Officer cannot apply FMV for capital gains and book value for business income on the same converted asset. Section 45(2) mandates consistent valuation to prevent artificial inflation of taxable income.
Addition under Section 68 cannot be sustained merely due to high share premium when investors are identifiable, traceable, and supported by audited financial records.
The issue was whether timely issuance was enough when notice was served after limitation. The court held that delayed service under section 143(2) invalidates the entire assessment.
Tribunal held that an assessment is void when the competent officer does not issue the mandatory notice. Jurisdiction cannot arise without a valid section 143(2) notice.
The Tribunal examined whether lease rent and allied charges from an IT Park were business income or property income. It held that systematic commercial operation with integrated services warrants business income treatment.
Disallowance made in an ex parte order was overturned after evidence showed a clear borrowing-to-lending link. The ruling affirms taxing only net interest where facts support it.
