The Tribunal held that where consideration for a flat is paid through banking channels, stamp duty value as on the date of allotment must be adopted. Addition under Section 56(2)(x) based on registration-year valuation was quashed.
Upholding the CIT(A)s order, the Tribunal held that settled law bars additions made without factual verification. The case reinforces strict limits on arbitrary taxation of loan transactions.
ITAT deleted disallowance of depreciation, loan interest, and fuel expenses after finding cars were registered in the company’s name. Ad-hoc personal use disallowance without evidence was held unsustainable.
Since the statutory notice under section 143(2) was issued by a non-jurisdictional officer, the assessment collapsed. The ruling affirms that valid notice by the competent authority is a sine qua non.
The Tribunal ruled that additions made on issues beyond limited scrutiny were without authority since proper conversion to complete scrutiny was not followed. The key takeaway is that violating CBDT instructions renders the entire assessment void.
The Tribunal ruled that estimating higher profit without rejecting audited books or finding major defects is impermissible. The declared 7% margin was accepted as reasonable, emphasizing limits on ad-hoc profit estimation.
The issue was whether revision could stand on incorrect factual assumptions. ITAT held that misreading records makes the revision invalid, reaffirming that Section 263 needs real errors.
The issue was whether additions can rest on seized loose sheets termed as dumb documents. The Tribunal upheld Section 69C additions, holding that seized material supported by statements is valid evidence.
The issue was whether an assessment can continue after the assessee’s death. The Tribunal held such an order void ab initio when the legal heir is not substituted.
The court examined an eight-year delay in releasing a sanctioned tax refund. It ruled that such inaction is unacceptable and directed immediate payment with statutory interest.
