The Tribunal held that reassessment initiated after three years was void as approval was taken from an incompetent authority. The key takeaway is that failure to comply with section 151(ii) invalidates the entire reassessment.
The Tribunal held that advances received under a joint development agreement are not taxable as business income when land remains a capital asset and no transfer under section 2(47) has occurred.
The issue was whether alleged non-genuine purchases justified higher additions despite accepted sales. The Tribunal held that only the profit element can be taxed when purchases are not treated as wholly bogus.
The Tribunal held that penalties under Section 271D were invalid as they were imposed beyond the limitation period prescribed under Section 275(1)(c).
The ITAT ruled that once profits are estimated under Section 145, further disallowances of salary or commission expenses cannot be made from the same books, emphasizing assessment consistency.
The Tribunal held that once cash received was accepted in assessment without any addition, penalty for alleged violation of Section 269SS could not be sustained.
The issue was whether foreign exchange fluctuation loss recorded at year-end was notional and disallowable. The Tribunal upheld its allowability, holding that losses accounted under consistent mercantile practice and accounting standards are deductible.
The issue was whether the entire Section 80JJAA deduction could be rejected when some employees failed the 240-day condition. The Tribunal held that only ineligible employees’ costs can be disallowed, not the whole claim.
The Tribunal examined whether agricultural land qualified as a non-capital asset and upheld taxation after finding it within the prescribed municipal distance. The ruling reiterates that physical verification and reliable evidence prevail over unsupported certificates.
The dispute concerned profits alleged to arise from non-genuine option trades. The Tribunal held that reassessment failed because the AO did not independently examine or correlate the information to the assessee’s case.
