The Tribunal upheld reopening and reassessment but reduced the estimated commission income from 2% to 1% due to absence of comparative or segmental justification.
Emphasising the principle against double taxation, the Tribunal held that amounts taxed in members’ hands cannot again be assessed in the society’s hands, subject to factual verification.
The Tribunal held that IGST refund on exports requires factual verification through ledger evidence. The issue was remanded to the Assessing Officer for limited examination.
The Tribunal found a prima facie mismatch between stock and cash sales during demonetisation. The issue was remanded for fresh verification by the Assessing Officer.
The Tribunal held that an assessment order passed after the assessee’s death, without impleading legal heirs, is a nullity in law. The matter was remanded for fresh assessment in accordance with section 159
The Tribunal ruled that statutory urban development functions do not amount to trade or business. Fees and grants received under statutory mandate were held eligible for exemption.
The issue was whether sale proceeds of inherited jewellery could be taxed as unexplained cash credits. The Tribunal held that valuation reports, affidavits, and banking records sufficiently explained the source, leading to deletion of the Section 68 addition.
The issue was whether cash deposited during demonetisation could be treated as unexplained. The Tribunal held that when sales are supported by available stock and recorded books, cash receipts from such sales cannot be added under Section 68.
The Tribunal held that amendments to Section 11 cannot retrospectively curtail the utilization window for earlier accumulations. Existing accumulations remain governed by the law in force at the time they were made.
The Tribunal upheld restriction of disallowance where interest-free funds were higher than tax-free investments. It reaffirmed that no interest disallowance arises in such circumstances.
