The Tribunal held that assets received under a compliant scheme of demerger cannot be taxed under Section 56(2)(x). Transactions covered by Section 47 exemptions fall outside the scope of deemed income.
The Tribunal upheld deletion of additions where cash sales during demonetisation were backed by invoices, VAT payments, and statutory records. Statistical suspicion alone cannot override credible primary evidence.
The Tribunal held that a penalty notice which does not specify the exact charge is invalid. Failure to strike off the irrelevant limb shows non-application of mind and vitiates penalty proceedings.
The dispute involved taxability of large cash deposits made during demonetisation. The appellate authority granted relief for deposits in regular notes while sustaining the balance as unexplained income. The Tribunal upheld this approach, finding it consistent with law and facts.
The Tribunal held that assessments beyond the permissible six-year block under section 153C are invalid. Proceedings were quashed as the relevant years fell outside the statutory limitation.
The issue was whether a late return under section 139(4) bars the concessional 22% tax regime. The Tribunal held that timely filing of Form 10IC is sufficient and the benefit cannot be denied on technical grounds.
Agricultural income was taxed as other income in a best judgment assessment due to non-compliance. The Tribunal restored the matter for fresh assessment to ensure a fair hearing.
The Tribunal held that disallowance under section 40A(3) cannot be made on assumptions of split payments. In the absence of evidence showing lump-sum cash payments exceeding the statutory limit, the addition was deleted.
The Tribunal held that selecting an incorrect clause in Form 10AB is a technical defect. Charitable registration cannot be denied when all substantive requirements are satisfied.
The Tribunal held that the six-month timeline under section 12A(1)(ac)(iii) does not apply to existing trusts. Final registration cannot be rejected merely on alleged delay.
