The dispute concerned taxability of gains from sale of land located outside municipal boundaries. The Tribunal ruled that such land remains agricultural in nature and is not chargeable to capital gains.
The Tribunal deleted a cash credit addition after finding that temporary family deposits were fully explained. The ruling confirms that genuine, short-term deposits cannot be taxed without contrary evidence.
The Tribunal found that the first appellate authority decided the case without proper hearing and remanded the issue of section 54F deduction for fresh examination of additional evidence.
The Assessing Officer disallowed expenses merely alleging cash payments without evidence. The Tribunal ruled that expenses supported by records and banking transactions cannot be disallowed on presumptions.
The issue concerned reopening based on notices never validly served on the assessee. The Tribunal held that defective service of notices strikes at the root of jurisdiction and invalidates the reassessment.
The Tribunal examined demonetisation-period cash deposits and held that prior cash withdrawals supported by bank records could not be disregarded. The ruling clarifies that additions cannot rest on assumptions about personal conduct.
The Tribunal set aside the appellate order after finding that the appeal was not adjudicated on merits. The matter was remanded to ensure proper consideration after granting adequate opportunity of hearing.
The dispute concerned denial of exemption on the ground of alleged business activity. The Tribunal held that once registration under Section 12AA stood restored, exemption under Sections 11 and 12 could not be denied.
The decision limits tax exposure by holding that unexplained cash deposits during demonetization should be assessed on an estimated profit basis when business records are accepted.
Relying on precedents including rulings of the Delhi High Court, the Tribunal held that extrapolation across years is impermissible. The addition was struck down as being based on assumption rather than evidence.
