ITAT held that penalty under Section 271(1)(c) cannot survive when the underlying addition is remanded, directing the AO to re-decide the penalty after the quantum order is finalized.
The case examined whether the tax officer was justified in rejecting the assessee’s DCF-based share valuation under Section 56(2)(viib). The Tribunal held that once DCF is chosen, the AO cannot switch to NAV merely because subsequent financials differ from projections
Professional and technical advisory services rendered from India to foreign clients in connection with overseas securities offerings qualify for deduction under Section 80-O as there was coordinate Bench’s decision in the assessee’s own case for AY 1995-96
Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
ITAT rules that assessments under section 144 without proper section 148 notice are void when returns are filed late, affirming taxpayer procedural rights.
ITAT held that most jewellery seized during a search could be accounted for from declared drawings and past income, reducing addition to ₹72.45 lakh. Ruling emphasizes that unexplained investment must be proven in relevant assessment year.
ITAT held that additions under section 153A cannot be made if no incriminating material is found at the assessee’s premises; third-party documents should be invoked via section 153C.
ITAT held that post-29.03.2022, notices must be issued faceless; issuance by JAO violated law, invalidating the reopening and assessment.
The tribunal ruled that reassessment notices issued after April 2021 for AY 2015-16 are invalid, as they fall outside TOLA provisions and are time-barred.
The Tribunal held that reopening based solely on an NMS alert and without examining DTAA-exempt interest income violated Section 115A(5). The ruling confirms that non-residents cannot be reassessed when TDS-deducted income does not escape tax.
