The Tribunal held reassessment invalid as no proper sanction under Section 151 was produced. The notice under Section 148 was quashed, making all additions unsustainable.
The Court halted GST proceedings questioning mandatory 1/3rd land deduction. It held that jurisdiction is doubtful as the underlying notification has been challenged as ultra vires.
ITAT upheld addition under Section 68 as the assessee failed to prove identity, creditworthiness, and genuineness of unsecured loans. It ruled that mere submissions without proper evidence do not discharge the initial onus, and addition was rightly sustained.
ITAT held that interest earned by a co-operative society from deposits with a co-operative bank qualifies for deduction under Section 80P(2)(d). It ruled that such income remains eligible despite Section 80P(4), and addition made by CPC was deleted.
Supreme Court held that Bank couldn’t act contrary to mandate given by customer since funds belonged to the customer. Thus, act of Bank in transferring the funds to the owner of the vessel cannot be sustained.
Supreme Court held that diversion of funds raised through preferential allotment for purposes other than those stated in offer document/prospectus/notice establishes as fraud and the same cannot be cured by consequent shareholder ratification.
ITAT held that delay in filing Form 10B is only a procedural lapse and not fatal to exemption. It ruled that exemption under Section 11 cannot be denied where audit report is eventually filed.
The Tribunal examined whether threshing and redrying of tobacco leaves fall under Business Auxiliary Services. It held that the activity is not taxable, setting aside the demand.
The Tribunal examined whether gold coin sales amounted to consignment agent services. It held that the activity was trading involving transfer of title and not a taxable service.
The issue was whether ALP can be determined without comparable transactions. ITAT held that Rule 10AB mandates comparables, making the TPO’s approach invalid and restricting the adjustment.
