The Tribunal held that absence of evidence beyond one month bars estimation for the full year. Only the amount directly supported by survey material can be taxed.
The issue was whether sale involved only land or land with a residential house. The Tribunal ruled that the property sold included a residential structure, entitling the assessee to Section 54 exemption upon deposit in the capital gains scheme.
The issue was whether protective additions could survive after substantive additions were confirmed in other hands. ITAT Chandigarh held that once substantive additions are upheld, protective additions must be deleted to avoid double taxation.
The Tribunal examined disallowance of commission paid to cooperative milk unions and held that the payments were actually mandatory royalty fixed by government instructions. Since the assessee had no discretion and the recipients disclosed income, the addition was deleted.
The reassessment was annulled after the notice was found procedurally defective. The Tribunal affirmed that binding High Court precedent required issuance by a faceless AO.
Penalties were imposed for cash transactions during the first year of business. The Tribunal found bona fide circumstances and no tax-evasion intent, granting relief under section 273B. The ruling underscores liberal interpretation of reasonable cause.
Agricultural income was taxed as other income in a best judgment assessment due to non-compliance. The Tribunal restored the matter for fresh assessment to ensure a fair hearing.
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.
