The Court is examining whether show cause notices issued years after exports are barred by delay and laches. The key issue is whether such belated proceedings are legally sustainable.
The court upheld the quashing of a reassessment notice where the reasons were based on vague portal information without a live nexus to income escapement. The ruling reiterates that reopening cannot rest on fishing or roving inquiries.
Court held that reopening of assessment based solely on vague information from Insight Portal, without a live nexus to the assessee’s records, was invalid. Reassessment notice was quashed for absence of concrete material showing income escapement.
Tribunal held that TDS liability under section 194-IA cannot arise unless Revenue proves that payment was actually made. Mere third-party statements were found insufficient to treat buyer as an assessee in default.
Purchase Date Doubts Not Enough to Deny LTCG Exemption: ITAT Mumbai held that transfer dates shown in share certificates satisfied the statutory holding requirement.
The Tribunal held that statements recorded during investigation were inadmissible as mandatory procedures under Section 138B were not followed. Without valid evidence, confiscation and penalties were set aside.
The Tribunal held that deduction under section 80P cannot be allowed without a timely return but restored the matter to enable condonation under the CBDT circular.
The Tribunal set aside the interest disallowance after noting that the underlying loan genuineness issue was already remanded for fresh adjudication, requiring reconsideration by the Assessing Officer.
The appellate order was quashed as the appeal was dismissed solely for non-appearance without examining the grounds or recording reasons. The case was remanded for fresh adjudication in line with statutory requirements.
The Tribunal upheld the statutory bar on late-filed returns but restored the matter to allow the assessee to seek condonation under the CBDT circular.
