The ITAT noted that cash-flow statements showing withdrawal–redeposit nexus were not examined. Non-consideration of material evidence warranted remand.
The ITAT held that a notice under Section 143(2) issued by a non-jurisdictional officer is invalid. Such a defect strikes at the root of the assessment and cannot be cured.
The ITAT held that capital gains under Section 50C cannot be mechanically applied where a sale deed is alleged to be an erroneous document and no real transfer occurred. The case was remanded to verify whether the transaction was actually a gift with no consideration or possession transfer.
The case involved reassessment based on alleged cash payment for property. The Tribunal held that basic fact-checking is mandatory before confirming a ₹71.23 lakh addition under Section 69A.
ITAT Mumbai held that additions made on substantive and protective basis merely on the strength of BUP IDs, internal identifiers, and presumptive opening deposits are unsustainable. Accordingly, appeal of revenue dismissed.
The ITAT held that documented share transactions through recognised exchanges cannot be treated as bogus without contrary proof. General investigation reports and suspicion were held insufficient to sustain additions.
The Tribunal held that operational suspension and status quo directions do not permit nil valuation of stock. Proper valuation is mandatory under the mercantile system.
The ITAT held that once an assessee’s premises are searched, proceedings must be under Section 153A. Invoking Section 153C in such cases is a jurisdictional error.
The tribunal held that internal brand, communication, and technology support under a shared services framework does not involve transfer of copyright or know-how. As a result, such payments are not royalty and attract no TDS under section 195.
The ITAT held that a technical error in selecting an incorrect clause of section 12A(1)(ac) cannot justify rejection of registration. Where activities are genuine, authorities must allow rectification and decide the case on merits.
