The Tribunal set aside a ₹18.48 crore addition under Section 56(2)(x) after noting that the nature of the property as stock-in-trade was never examined. The matter was remanded to verify whether the asset was business inventory, in which case the provision would not apply.
The Tribunal held that mere facilitation of third-party payments to an associated enterprise does not constitute a service. As no value addition was involved, applying a markup on reimbursements was found unsustainable.
The Tribunal held that where identical facts existed in earlier years, the addition for alleged bogus purchases must follow past precedent. It restricted the addition to 5 percent, applying the principle of consistency.
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.
