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The dispute concerned whether transfer through a release deed amounted to a taxable sale and justified loss claims. The Tribunal remanded the matter, directing verification of books to examine the genuineness of the claimed loss.
The issue concerned reassessment initiated through a non-faceless notice despite a binding notification. The ruling confirms that violation of the faceless framework vitiates reassessment proceedings.
The Tribunal held that reassessment based on a notice issued by the wrong authority cannot survive in law. The decision highlights strict adherence to procedural requirements under the faceless regime.
The Tribunal held that reassessment remains valid when the notice is issued while the company is still on the ROC records. Subsequent striking off does not nullify initiated proceedings.
The court held that a reassessment notice issued by the jurisdictional officer violated the faceless assessment scheme. As a result, the notice and the consequential assessment order were set aside, subject to liberty if higher courts take a different view.
The Tribunal held that remanding an assessment under the amended section 251(1)(a) is legally valid. The key takeaway is that appellate remand powers now have clear statutory backing.
The Tribunal held that reassessment initiated with approval from an incorrect authority is invalid. Where the statute mandates sanction from a higher specified authority, deviation vitiates the proceedings.
The Tribunal ruled that nominal differences between declared consideration and stamp duty valuation do not trigger tax. Tolerance limits must be applied to avoid unjust enrichment of revenue.
The decision reiterates that reassessment cannot be initiated on borrowed satisfaction or presumptions. Independent application of mind by the Assessing Officer is mandatory for a valid reopening.
The Tribunal held that search-based reassessments issued beyond six assessment years are barred by limitation. Revenue appeals were dismissed as the statutory time limits could not be extended.
