The issue was whether bank cash deposits could be treated as unexplained despite accepted cash advances. The Tribunal held that telescoping applies, deleting additions to avoid double taxation of the same source.
Cash deposits during demonetisation were held to be business receipts already recorded as sales in audited books. The tribunal ruled that taxing the same receipts again under Section 68 amounts to double taxation.
The Revenue challenged the appellate authoritys decision to remand an ex-parte order. The Tribunal ruled that the remand was lawful and well within statutory appellate powers.
The ruling clarifies that denial of charitable exemption for delayed Form 10B goes beyond Section 143(1). If verification is needed, it cannot be resolved through mechanical processing adjustments.
Penalty for delayed filing of tax audit report was quashed after illness of the managing director was proved. The tribunal held that medical incapacity constituted reasonable cause under Section 273B.
The dispute involved denial of indexed interest while computing long-term capital gains. The Tribunal ruled that interest incurred wholly for acquiring an asset is deductible under Section 48.
The case confirms that co-operative societies can claim Section 80P(2)(d) deduction on interest earned from co-operative banks. The appeal was allowed due to clear judicial precedent supporting the claim.
The case examined whether vague information justified reassessment proceedings. The Tribunal ruled that absence of concrete material and nexus to escapement makes reopening without jurisdiction and liable to be quashed.
The addition was struck down as income was taxed before execution of sale deeds. Advances shown as liabilities were correctly offered to tax only when ownership passed to buyers.
Deductions under Sections 54B and 54F were denied without examining crucial evidence. The tribunal remanded the matter for fresh adjudication after considering all documents and legal issues.
