The Tribunal held that holding and operating a foreign bank account without RBI approval is a continuing contravention under FEMA. Subsequent repatriation or tax disclosure does not wipe out liability, and penalties were upheld.
The issue was whether failure to deposit unutilised capital gains in CGAS before the due date defeats Section 54B relief. The ITAT held that where eligible agricultural land is purchased within time and cheques are issued with sufficient balance, CGAS non-deposit is only procedural. Full exemption was therefore allowed.
The key question was whether STR-based information can trigger harsh taxation under Section 115BBE. The ITAT held that without concrete evidence of non-genuine transactions, such additions cannot stand. Both reopening and tax addition were annulled.
The issue was denial of charitable exemption due to alleged non-filing of Form 10B. The ITAT held that the audit report was filed on time and wrongly ignored by CPC. Substantive exemption under Section 11 was therefore restored.
The ITAT held that reassessment beyond four years fails when the reasons do not show the assessee’s failure to disclose material facts.
The ITAT held that jewellery tag prices in internal software cannot be equated with realised sales, deleting GP additions made without evidence of suppression.
ITAT held that entire cash deposits of a business correspondent cannot be treated as unexplained income without verification. The AO must examine whether deposits were bank collections or the assessee’s own money.
The ITAT invalidated an assessment for AY 2008-09 after the AO failed to issue a mandatory draft order under section 144C during remand proceedings, highlighting procedural compliance in transfer pricing cases.
The ITAT ruled that an addition under section 68 cannot be sustained solely on a retracted statement of a third party, deleting ₹81 lakh share capital added to income.
The Tribunal ruled that a car financed partly through unexplained cash could be attached under PMLA, even though a bank held a secured interest, reinforcing that tainted funds justify attachment.
