The Tribunal upheld the statutory bar on late-filed returns but restored the matter to allow the assessee to seek condonation under the CBDT circular.
The Tribunal held that an addition based solely on third-party search material without corroboration is unsustainable. With payments proved through banking channels, the cash allegation failed.
Recognising the role of a Kaccha Arhtia, the Tribunal ruled that only commission constitutes income. TDS deducted on gross receipts belonging to farmers still entitles the agent to full credit.
The Tribunal ruled that CIT(A) exceeded jurisdiction by remanding a completed scrutiny assessment. The decision clarifies that remand powers apply only to Section 144 assessments, not regular ones.
The ruling clarifies that specified sum under section 269SS refers to advances linked to property transfers. Cash received as final consideration at registration cannot trigger penalty under section 271D.
Exemption was curtailed because the auditor reported application from past accumulations. The Tribunal ruled CPC acted correctly but allowed reassessment based on corrected Form 10BB.
Where compensation and interest are deposited under judicial custody due to a pending appeal, no real income accrues. The Tribunal ruled that taxing such MACT interest is impermissible until actual receipt.
The issue was whether an extrapolated SCO value could justify unexplained investment in the buyer’s hands. ITAT held that once the seller’s extrapolation was rejected, the buyer’s addition could not survive.
The issue centered on employees’ PF contributions and statutory due dates post-Checkmate ruling. The ITAT held that detailed verification was still required, warranting remand.
No incriminating material showed payment over the registered consideration. The tribunal held that without independent evidence, the ₹1.52 Cr addition could not be sustained.
