The Tribunal held that valuation without giving the assessee an opportunity to object violates natural justice. It remanded the matter for fresh DVO assessment. The ruling stresses procedural compliance in valuation cases.
The issue involved delay in processing an NOC application due to alleged disputes over development rights. The Court held that without any injunction, authorities cannot indefinitely withhold approval.
ITAT Mumbai deleted ₹29.22 lakh addition u/s 56(2)(x), holding that stamp duty value on booking/allotment date must be adopted where consideration was fixed earlier and paid through banking channels, not the higher value on registration date.
The Tribunal held that cash introduced into capital cannot be treated as unexplained when supported by past savings. It accepted the assessees financial history and balance sheet evidence. The ruling emphasizes practical evaluation of taxpayer capacity.
ITAT Mumbai quashed reassessment for AY 2015–16 as time-barred under amended Section 149, since escaped income was below ₹50 lakh; entire penny stock addition u/s 68 was held void without examining merits.
The Court held that absence of cogent reasoning on jurisdiction and time-bar issues invalidated the order. The matter was remanded for fresh adjudication.
The case involved penalty on disallowance of purchases treated as non-genuine and estimated at 12.5%. Tribunal ruled that estimated additions do not establish concealment, hence penalty u/s 271(1)(c) is unsustainable.
The Tribunal deleted additions where the Revenue failed to prove actual cash transactions. It emphasized that suspicion and assumptions cannot replace evidence. The ruling protects taxpayers from arbitrary additions.
The AAAR held that GST paid on lease rentals for land used to construct a factory is not eligible for ITC. It ruled that Section 17(5)(d) clearly blocks such credit irrespective of timing or usage stage.
Supreme Court held that preventive detention of detenu under COFEPOSA Act involved in gold smuggling syndicate upheld since detaining authority derived valid subjective satisfaction.
