The tribunal held that estimating commission income at 1% without verifying the existence of a genuine Shroff business was legally unsustainable. The matter was remanded for fresh examination by the Assessing Officer.
The tribunal held that refusal to condone delay defeats substantial justice when reasonable cause exists. Delay was directed to be condoned and appeal heard on merits.
Where funds were merely routed through the assessee’s bank account, the tribunal ruled that only commission income is taxable. The earlier 2% estimation was reduced to 1.5% as more reasonable.
The tribunal held that appellate orders passed ex-parte without examining merits violate natural justice. Matters were restored for fresh adjudication after giving proper hearing.
The tribunal held that adjustments made under section 143(1) solely on Form 3CD disclosures are not conclusive. Matters involving contingent liabilities and factual disputes must be verified by the Assessing Officer.
Capital gains were computed without allowing improvement costs due to submission of an incorrect valuation report. The Tribunal held that a bona fide mistake justified reconsideration with correct evidence.
The tribunal held that a legitimate deduction cannot be denied merely due to an inadvertent reporting mistake in the return. The matter was remanded to verify facts and allow the deduction if otherwise admissible.
The core issue was whether lack of knowledge of proceedings justified late appeals. The Tribunal held that notices sent to an inaccessible email amounted to sufficient cause. The decision emphasizes procedural fairness.
The tribunal dismissed the appeal as time-barred because no condonation petition was filed. Delay without explanation renders the appeal non-maintainable.
The case examined whether interest beyond Section 24 limits could be claimed when loan funds were temporarily used elsewhere. The Tribunal ruled that authorities must verify real deployment of funds before disallowance.
