The tax authorities denied Section 54 relief citing delay in completing construction. The Tribunal ruled that Section 54 is a beneficial provision and does not mandate full completion within three years.
The Tribunal held that a registered JV agreement with possession in 2011 constituted transfer under section 2(47). Capital gains could not be taxed in AY 2017-18 and had to be aligned to the correct year.
The issue was whether reassessment could be reopened on matters already examined in scrutiny. The Tribunal held that without fresh tangible material, reopening amounts to change of opinion and is invalid.
The Tribunal deleted the disallowance after finding that work orders, invoices, and bank payments established genuineness of expenses. The ruling clarifies that suspicion alone cannot override documentary evidence.
The issue was whether notional income booked on a joint development agreement can be taxed before project commencement. The Tribunal held that only real income can be taxed and deleted the disallowance.
The issue was whether reassessment could survive when objections to reopening were ignored. The Tribunal ruled that non-disposal of objections violates mandatory procedure and renders the reassessment void ab initio.
The Tribunal held that the case transfer under section 127 was invalid as it was passed by a non-jurisdictional authority. Since jurisdiction itself failed, the entire assessment was declared void ab initio.
The case examined whether procedural compliance under section 148A could revive a time-barred reopening. It was held that procedural steps cannot resurrect jurisdiction lost by efflux of time.
The issue was whether penalty can survive once the underlying addition is deleted. The Tribunal held that penalty has no legs to stand when the quantum addition no longer exists.
The issue was whether reassessment can proceed without furnishing recorded reasons despite a taxpayers request. The Tribunal held that failure to supply reasons is a jurisdictional defect that invalidates reassessment.
