The Tribunal held that penalty under Section 271(1)(c) cannot be imposed where income variation arises from genuine computational mistakes. It ruled that voluntary correction during assessment indicates absence of intent to conceal income. The penalty was there-fore deleted.
The Tribunal held that dismissal of appeal without clearly pointing out deficiencies and allowing correction violates natural justice. It restored the matter for fresh adjudication on merits.
The Tribunal held that entire purchases cannot be disallowed when corresponding sales are accepted. It upheld restriction of addition to profit element, preventing unrealistic income computation.
The Tribunal held that additions cannot be made merely on survey statements without rejecting books of account or providing proper opportunity. It deleted the addition for alleged underreported profit, emphasizing adherence to due process.
The Tribunal held that a minor delay in filing Form 10-IC should not deny concessional tax benefits. It emphasized that substantive compliance prevails over procedural defects.
The Tribunal condoned delay after finding reasonable cause and examined the merits of the case. It held that no capital gains arise where purchase and sale consideration are identical.
The Tribunal found that additions were made without considering joint ownership and without referring valuation to the DVO. The matter was sent back for fresh adjudication with proper verification.
The Tribunal found that both the AO and CIT(A) failed to properly verify evidence relating to alleged accommodation entries. The matter was remanded for fresh examination and a reasoned decision.
The tribunal clarified that penalties under FEMA arise from breach of statutory obligations and do not require proof of intent. Once a violation is established, liability can be imposed even without showing a guilty mind.
PMLA Tribunal held share investment not proceeds of crime and limited attachment only to mining profits. Productive assets of the company may be released if equivalent security such as bank guarantee or FDR is furnished.
