Since the mandatory notice was issued by an officer lacking jurisdiction, the assessment was quashed as void ab initio. A valid notice by the correct officer within limitation is indispensable.
Since the reassessment notice was barred by limitation, the tribunal did not examine capital gains issues on merits. The ruling confirms that jurisdictional defects override substantive tax disputes.
Additions under Sections 68 and 69C were set aside after the Tribunal found the mandatory approval to be a mere formality. The ruling reinforces that Section 153D approval is not a procedural ritual.
The tribunal ruled that reassessment beyond four years is barred when reasons do not allege failure to disclose material facts. Mere suspicion of escaped income is insufficient to override the statutory limitation.
The ITAT held that unsupported DCF valuation could not justify high share premium. The addition under Section 56(2)(viib) was restored after setting aside the appellate relief.
The issue was whether CBDT jewellery instructions could shield bullion found during a search from taxation. The Tribunal held that the instruction applies only to jewellery, not bullion, and upheld the Section 69A addition.
The issue was whether large cash deposits during demonetisation could be taxed as unexplained under Section 69A. The Tribunal held that when deposits are backed by audited books, sales records, and accepted VAT returns, no addition can survive.
The issue was whether a short delay in registering the new house defeats Section 54 relief. The Tribunal held that substantial compliance within the prescribed period is sufficient and allowed the exemption in full.
While following binding High Court precedent on limitation, the Tribunal quashed the assessment order. Liberty was granted to revive the matter depending on the Supreme Court’s final decision.
The Tribunal set aside an appellate order confirming a ₹1.38 crore addition after finding that it lacked merit-based reasoning. The case was remanded for fresh adjudication with a speaking order.
