The Tribunal held that once sales are accepted, corresponding purchases cannot be treated as bogus. Disallowance based only on supplier non-compliance was held unsustainable.
The Tribunal held that when sales are accepted as genuine, corresponding purchases cannot be disallowed in entirety. Documentary evidence and bank payments outweighed mere doubts about supplier compliance.
The Tribunal followed binding High Court precedents to hold that reassessment must strictly adhere to the faceless mechanism. Deviation from the mandated procedure invalidated the notice and the entire reassessment.
The issue was whether a post-search assessment could be completed under section 143(3) using third-party material. The Tribunal ruled that the special reassessment route under sections 148 and 148B was mandatory.
The Tribunal held that reassessment notices issued after 01.04.2021 for AY 2015-16 are time-barred. Such reopening is invalid despite reliance on TOLA, and must be quashed.
The tribunal held that dismissal for delay and confirmation on merits without effective hearing violated principles of natural justice, warranting remand for fresh adjudication.
The Tribunal upheld taxation of enhanced compensation and interest under land acquisition after insertion of section 56(2)(viii). The ruling confirms that such receipts are taxable despite earlier judicial views.
The Tribunal found that additions under section 69A were made without examining evidence due to non-compliance. The matter was remanded to allow verification of claimed trading and agricultural receipts.
The tribunal held that appellate orders passed ex-parte without examining merits violate natural justice. Matters were restored for fresh adjudication after giving proper hearing.
The Tribunal held that interest from bank fixed deposits lacked a direct nexus with credit facilities. Deduction under Section 80P was denied as investment income dominated.
