The issue was whether reassessment could survive when objections to reopening were ignored. The Tribunal ruled that non-disposal of objections violates mandatory procedure and renders the reassessment void ab initio.
The case examined whether procedural compliance under section 148A could revive a time-barred reopening. It was held that procedural steps cannot resurrect jurisdiction lost by efflux of time.
The issue was whether a recorded share investment can be treated as unexplained under Section 69. The Tribunal held that once an investment is recorded in the books and its source is not doubted, Section 69 cannot be invoked.
The issue was whether income disclosed during survey and duly reported in the return can attract penalty under Section 270A. The Tribunal held that when returned income equals assessed income, penalty provisions do not apply.
The reassessment relied entirely on allegations arising from a search on another entity. The Tribunal ruled that additions cannot survive without independent evidence directly linking the assessee.
The issue was whether reassessment is valid when reasons for reopening are not placed on record. The Tribunal held that non-recording of reasons under Section 148(2) vitiates jurisdiction, rendering the reassessment void.
The tribunal held that suspicion, abnormal price rise, or third-party reports are insufficient to deny LTCG exemption. Revenue must establish direct involvement of the taxpayer in price rigging.
The issue was whether personal capital could be compared with partnership capital to infer unexplained credits. The Tribunal held the comparison flawed and upheld deletion of the Section 68 addition.
ITAT ruled that principal amounts in accommodation share entries do not constitute income of a conduit entity. Taxability is restricted to the commission earned for facilitating such transactions.
It was ruled that failure to specify an exact project in Form 10 is a technical lapse. Where the charitable objects and utilisation are evident, accumulation cannot be disallowed.
