The assessee challenged jurisdiction for lack of notice under Section 143(2). The Tribunal held that once the belated return was invalid, assessment under Section 144 was lawful.
The ITAT ruled that ad-hoc estimation of sundry creditors as ceased liabilities is not permissible when purchases and trading results are accepted. Section 41(1) can be invoked only on proven remission or cessation, not assumptions.
Applying the General Rules of Interpretation, the Authority preferred the precise heat exchanger entry over the general vehicle parts heading. The decision reinforces the primacy of specific tariff descriptions.
The Authority examined whether a ceramic resonator used in appliance control boards could be treated as a machine part. It held that specific coverage under Heading 8541 prevails, classifying the product as a mounted piezoelectric crystal.
The authorities compared intra-group commission rates without economic analysis. The Tribunal ruled that such an approach leads to invalid transfer pricing adjustments.
The Tribunal ruled that Section 69A applies only when the assessee is found to be the owner of money or assets. Mere suspicion or digital communication cannot replace proof of possession or ownership.
The issue was whether purchases recorded by the assessee were genuine. The Tribunal held that seized Tally data and statements proved bogus purchases, justifying full addition.
The ITAT ruled that limitation begins when seized material is handed over to the assessing officer of the non-searched person. The key takeaway is that procedural safeguards apply even in search-related cases.
The Tribunal found that lower authorities failed to follow binding coordinate bench decisions on comparability. The case was sent back for re-determination in accordance with law.
The ITAT ruled that accumulated building funds carried forward from previous years are not taxable in the year under scrutiny. The decision reinforces that taxation must align strictly with the year of receipt.
