Addition of ₹2.28 crore made as long-term capital gains in the hands of the assessee society was deleted in full as amount paid by a developer directly to individual members of a co-operative housing society pursuant to redevelopment cannot be taxed as capital gains in the hands of the society, particularly when the society itself never received the amount.
Input Tax Credit (ITC) availed on insurance premiums for stock, plant & machinery, and business premises (under a Standard Fire and Special Perils Policy) could not be denied by treating it as “motor vehicle insurance
Since JIL had already received the entire principal amount determined as its entitlement, and neither the interim nor the final orders of this Tribunal conferred any right to claim interest for the period preceding actual disbursement
Since valid service of notice was a mandatory jurisdictional requirement before initiating reassessment proceedings, therefore, purported notices issued under Section 148 including reassessment proceedings under
Hostel properties used as residences by inmates could not be treated as commercial properties. The levy of property tax, water tax, water charges and electricity charges under commercial tariff was unsustainable.
NCLT admitted a Section 7 IBC petition after the borrower defaulted on a ₹13.5 crore loan and failed to appear despite multiple notices. The Tribunal held that debt and default were clearly established.
Professional and technical advisory services rendered from India to foreign clients in connection with overseas securities offerings qualify for deduction under Section 80-O as there was coordinate Bench’s decision in the assessee’s own case for AY 1995-96
Reassessment proceedings initiated without obtaining prior approval from the appropriate “specified authority” under Section 151(ii) such as the Principal Chief Commissioner of Income Tax or the Principal Director General were invalid.
Since prolonged detention of assessees accused of ITC fraud was unjustified, given the documentary nature of evidence and completion of investigation. Applying the settled principle that bail is the rule and jail the exception
FOB value was the product of negotiations and deliberations between the parties to the contract, which value could not be modified by any stranger to the contract by virtue of the principle of “privity of contract”.
