The issue was whether reassessment becomes invalid when the return is filed on the same day as the assessment order. The Tribunal held that such belated filing cannot nullify a best-judgment reassessment.
The issue was whether mutual fund dividend could be taxed as share dividend due to return-form limitations. The Tribunal held that section 115BBDA applies only to dividends from domestic companies, not mutual funds.
The High Court rejected the challenge to reassessment notices issued by the Jurisdictional Assessing Officer. It held that the issue was already settled against the assessee.
The Tribunal remanded the case because the Commissioner (Appeals) decided a Section 248 appeal without hearing the Assessing Officer. The ruling highlights that statutory hearing requirements under Section 250 must be followed.
The High Court held that Fringe Benefit Tax and Section 14A disallowance cannot be added while computing MAT under Section 115JB. The ruling confirms that only adjustments expressly permitted by law can alter book profits.
The issue was whether share sale proceeds could be taxed as unexplained based on general investigation reports. The Tribunal held that without concrete evidence linking the assessee to manipulation, additions cannot survive.
The issue was whether penalty could be sustained when the notice alleged under-reporting but the order punished misreporting. The Tribunal held such variance impermissible, rendering the penalty void.
The issue was whether LTCG could be taxed in a search assessment without incriminating evidence for the year. The Tribunal held that, absent such material, additions under section 153A are unsustainable.
The Tribunal upheld revision since business expenses were within limited scrutiny and education cess deduction was not verified. The key takeaway is that lack of enquiry on a covered issue makes the assessment erroneous and prejudicial to revenue.
The assessing officer estimated commission income by assuming investments were accommodation entries. The tribunal confirmed that additions based on assumptions, without concrete evidence, are legally unsustainable.
