The Tribunal reviewed an addition based on demonetisation-era cash deposits despite detailed hospital records being produced. It ruled that ignoring cash books and patient registers was unjustified.
It was ruled that money received from a parent through banking channels constitutes an explained source. The addition under Section 69A was deleted as the transaction was fully traceable.
The issue was whether a trader declaring income under Section 44AD could face additions for unexplained cash deposits. The Tribunal ruled in favour of the assessee, holding such additions contrary to law.
The Tribunal held that NFAC had no authority to pass reassessment orders before the faceless reassessment notification became operative. As a result, the entire assessment was quashed. The ruling highlights that participation by the assessee cannot cure jurisdictional defects.
It was ruled that interest for late filing of the original return can be computed based on tax determined in search-related assessment. Timely filing after notice does not negate earlier delay.
The Tribunal examined whether execution of a development agreement alone triggers capital gains. It held that without consideration or statutory transfer of possession, no capital gains arise.
The issue was whether share capital could be added in a completed assessment without seized evidence. The Tribunal held that in an unabated year, additions are barred absent incriminating material.
The issue was whether penalty could be imposed for disallowance arising from a disclosed change in lease rent accounting. The Tribunal held that a bona fide, disclosed and debatable claim cannot attract penalty under section 271(1)(c).
The Tribunal held that absence of evidence beyond one month bars estimation for the full year. Only the amount directly supported by survey material can be taxed.
The issue was whether sale involved only land or land with a residential house. The Tribunal ruled that the property sold included a residential structure, entitling the assessee to Section 54 exemption upon deposit in the capital gains scheme.
