The Tribunal held that reopening based only on generalized information about a scrip, without independent inquiry or linkage to the taxpayer, is invalid. Entire addition on alleged bogus LTCG was deleted.
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 cash deposited during demonetisation could be treated as unexplained. The Tribunal held that when sales are supported by available stock and recorded books, cash receipts from such sales cannot be added under Section 68.
The tribunal held that penalty under section 271(1)(c) cannot be levied where income admitted during survey is duly declared in the return and accepted in assessment. The key takeaway is that absence of concealment or inaccurate particulars bars penalty, even if disclosure arose from a survey.
The Tribunal applied common sense to accept that some jewellery belonged to visiting relatives. It granted partial deletion, stressing that complete relief requires corroborative evidence.
he revision targeted 80G deduction and interest under TDS/TCS provisions. The Tribunal found that the Assessing Officer had examined both issues and no prejudice was shown.
The issue was whether an extraordinary delay caused by non-communication of intimation and a CPC error could be condoned. ITAT held the delay was unintentional, imposed costs, and remanded the case for adjudication on merits.
The Revenue argued that routing through banking channels was insufficient. The Tribunal rejected this contention, holding that complete documentary evidence satisfied all requirements of Section 68.
The ruling reiterates that reassessment cannot be sustained where documentary evidence shows no loan transaction. Incorrect third-party information cannot justify reopening.
The issue was whether CPC could disallow Section 80P deduction while processing the return under Section 143(1). The Tribunal held that CPC lacked such power for AY 2019-20 as the enabling amendment came later.
