The Tribunal held that a penalty order issued after the death of the assessee is void ab initio. Since notices were not served on legal heirs, the penalty under section 271AAC was set aside.
The Tribunal held that additions based solely on third-party GST information and suspicion cannot be sustained without independent investigation, restricting estimation to 1% of sales.
The Tribunal ruled that compensation and hardship allowance received during redevelopment are capital receipts and cannot be taxed as income from other sources.
The Tribunal held that when an eligible assessee fails to file objections before the DRP within time, a direct appeal to the Tribunal is barred. Non-compliance with section 144C renders the appeal non-maintainable.
Extensive remand proceedings confirmed the genuineness of share transactions and valuation. The Tribunal ruled that once evidence is verified and no defect is found, LTCL cannot be disallowed.
Additions based on third-party statements alleging circular trading were rejected as they did not refer to the assessee or show any cash trail. The ruling underscores that suspicion cannot replace evidence.
The Tribunal held that when sales are undisputed, entire purchases cannot be disallowed and only the embedded profit can be taxed, upholding a 20% addition.
It was held that a proposed object-clause amendment cannot justify outright rejection of 80G renewal. What matters is actual application of funds, not a removable clause in the trust deed.
Tribunal held that unsecured loans cannot be treated as unexplained where confirmations, bank statements, and tax returns establish identity, creditworthiness and genuineness through banking channels.
The Tribunal emphasized that the assessee had no individual business in electronic goods. In the absence of incriminating material and with sales recorded by the company, the addition was deleted.
