The Tribunal upheld deletion of additions after finding that sales receipts were supported by banking records, invoices, and audited books, with no contrary evidence from the tax department.
Payments made pursuant to allotment confer valuable property rights. Their relinquishment through an agreement to sell amounts to a statutory transfer, entitling the assessee to compute gains or losses under capital gains.
Adjustments made through CPC were not finally upheld where the assessee raised a valid factual plea on timing of salary payment. The ruling highlights that mechanical disallowances must give way to proper verification.
The Tribunal upheld deletion of unsecured loan additions after finding that the lenders identity, bank trail, and reserves were established. Low declared income alone was held insufficient to treat the credits as unexplained.
Despite non-compliance during assessment, the Tribunal upheld deletion of additions where facts showed only renewal of deposits. Ex-parte proceedings do not justify treating old FDs as unexplained investments.
The tribunal examined whether a final assessment passed after the statutory time limit was valid. It held that assessments beyond Section 153 timelines are void, even when issued under the DRP framework.
The issue was whether a final assessment under the DRP framework can be passed beyond statutory timelines. The Tribunal held that orders exceeding Section 153 limits are void, reaffirming strict adherence to limitation.
The Tribunal held that reassessment initiated with approval from an incorrect authority is invalid. Where the statute mandates sanction from a higher specified authority, deviation vitiates the proceedings.
Failure to comply with section 143(2) by the competent Assessing Officer invalidates the assessment. The decision underscores strict adherence to jurisdictional requirements under the Act.
The tribunal examined whether a Singapore entity could claim DTAA exemption on capital gains from sale of Indian shares. It held that treaty benefits were unavailable as the entity lacked commercial substance and functioned as a shell or conduit.
