The appellate order confirmed loan additions without addressing the Rule 46A plea. Holding this to be a serious procedural defect, the Tribunal set aside the order for de novo adjudication.
The dispute centered on profit estimation after reopening for suppressed turnover. The Tribunal affirmed lower NP for animal sales, recognising industry norms and assessee history. The ruling underscores tailoring estimates to trade economics.
While reopening of assessment was sustained due to bank deposit information, the cash addition was deleted on merits. Proper explanation of source defeats Section 69A.
The Tribunal reviewed an addition based on demonetisation-era cash deposits despite detailed hospital records being produced. It ruled that ignoring cash books and patient registers was unjustified.
It was ruled that money received from a parent through banking channels constitutes an explained source. The addition under Section 69A was deleted as the transaction was fully traceable.
The Court examined whether an owner could be blamed when a stolen vehicle was misused for illegal liquor transport. It ruled that provisional release was justified after ownership verification and furnishing of sureties, despite confiscation liability.
Income Tax Department was directed to encash the Demand Draft, confirm the sale, and issue the Sale Certificate in favour of the highest bidder, without prejudice to the Petitioner’s rights.
The issue was whether a trader declaring income under Section 44AD could face additions for unexplained cash deposits. The Tribunal ruled in favour of the assessee, holding such additions contrary to law.
The Tribunal held that NFAC had no authority to pass reassessment orders before the faceless reassessment notification became operative. As a result, the entire assessment was quashed. The ruling highlights that participation by the assessee cannot cure jurisdictional defects.
Contempt Petition was not maintainable, as the NCLT had independent and effective jurisdiction under Section 425 of the Companies Act, 2013 to punish for contempt of its own orders, including those passed under the IBC.
