The Tribunal held that cash deposits were fully explained through matching earlier withdrawals. The addition of ₹15 lakh was removed as the source of funds was satisfactorily proven.
The Tribunal held that book profit on sale of a motor vehicle cannot be taxed separately when the sale value is already reduced from the block. It ruled that taxing such profit would cause double taxation.
Supreme Court dismissed SLPs, confirming that DTAA rates override Section 206AA for non-residents without PAN. The case follows the Air India ratio, providing legal finality on TDS obligations.
ITAT held that capital introduced from ancestral land sale cannot be treated as unexplained merely due to absence of a registered sale deed. Agreements to sell, identity records, and transaction details sufficiently proved the source.
Delhi HC ruled that both jurisdictional and faceless officers can issue Section 148 notices. It reaffirmed that faceless regime does not eliminate JAO authority until Supreme Court decides otherwise.
The Tribunal held that purchase from a State Government entity cannot be undervalued, deleting Rs. 6.59 crore addition under Section 56(2)(x).
ITAT emphasised that valuation must reflect circumstances on the transaction date. AO cannot use hindsight or later valuations to make additions under Section 50CA.
The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 269ST violation. The ruling confirms that satisfaction by the Assessing Officer is a mandatory precondition.
The Tribunal held that one-time lease premium and salami for commercial units cannot be taxed as renting services because the transaction involved transfer of substantial property rights and construction service, not periodic rent. Car-parking fees were also found non-taxable under renting. The ruling provides key clarity for real estate developers on classification and abatement eligibility.
The Tribunal held that income is taxable in the year it accrues, not in the year TDS is deducted by the payer, rejecting addition based solely on Form 26AS.
