The issue was whether screen-based stock exchange trades can be ignored due to alleged exit providers. The Tribunal ruled that non-response of buyers and weak financials of counterparties do not invalidate genuine exchange-routed transactions.
The Tribunal held that dispatch records alone do not establish valid service of intimation under section 143(1). Rectification under section 154 must be considered on merits where service is disputed.
The tribunal ruled that statements of third parties cannot be relied upon unless the assessee is provided copies and allowed cross-examination. Denial of this right renders the additions legally untenable.
The issue was whether section 68 could be invoked for alleged on-money payments absent direct evidence. The Tribunal ruled that in the absence of corroborative material, the addition must be deleted.
ITAT Mumbai deleted ₹20,000 yearly penalties where assessments under section 153C accepted returned income with no additions, holding notice non-compliance as merely technical.
The issue was whether proceeds from sale of carbon credits constitute business income. ITAT held such receipts are capital in nature and not chargeable to tax, following binding High Court precedent.
The case examined whether general search statements can justify additions under section 68. The Tribunal held that without a cash trail or independent enquiry, such statements cannot override documentary proof.
The dispute concerned denial of TDS credit citing inconsistencies in reported transaction values. The ruling clarified that Form 26AS is decisive for TDS credit when deduction and deposit are undisputed.
The Tribunal considered whether RTGS credits constituted unexplained money. It ruled that once sale bills, customer ledgers, and bank entries align, Section 69A has no application.
The Tribunal held that discounts given to stockists in pharmaceutical distribution are part of sale transactions on a principal-to-principal basis. As no commission was paid, TDS under section 194H was held inapplicable.
