The case examined validity of a reassessment notice issued beyond statutory limits. The ITAT held the notice invalid as it exceeded the permissible time period. It reinforces strict compliance with limitation provisions.
The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but found 8% profit estimation excessive. It reduced the rate to 5%, emphasizing fairness in estimation.
The Tribunal held that a company engaged in high-end KPO and business solutions could not be compared with a routine captive BPO service provider. It also ruled that a comparable cannot be rejected solely for following a different financial year if reliable quarterly data is available.
The case addressed whether entries in third-party seized documents can justify additions. The ITAT ruled they cannot without independent corroboration. It reinforces that suspicion alone cannot sustain tax additions.
The issue involved additions based on alleged bogus purchases without VAT payment. The Tribunal remanded the matter pending the High Court’s decision on similar cases.
The Tribunal upheld TDS liability where tax was deducted only on part of the property value. It ruled that TDS must be applied on the entire consideration for immovable property transactions.
The Tribunal held that activities linked to micro-credit and welfare schemes do not negate charitable status in absence of profit motive. The ruling directs grant of 80G approval based on genuine charitable objectives.
Tribunal held that non-compliance with earlier appellate directions requires fresh adjudication. Key takeaway: appellate authorities must follow binding instructions.
The Tribunal ruled that exemption under Section 11(2) should not be denied solely due to delayed filing of Form-10. It directed reconsideration where the form was available during assessment.
The Tribunal set aside orders where the assessee failed to appear and granted another opportunity. It emphasized adherence to natural justice while imposing a cost.
