The ITAT ruled that once the assessee establishes the source of investment, addition for unexplained investment cannot survive. Direct payment by a financier through demand draft explained the transaction.
The High Court ruled that Rule 86A cannot be invoked to block ITC beyond the balance available in the electronic credit ledger. Negative blocking was held to be without jurisdiction.
The case examined whether delayed filing of Form 10AB could be condoned after statutory amendments. The Tribunal held that post-October 2024 law empowers authorities to condone delay on reasonable cause and remanded the matter for fresh consideration.
The Court held that issuing a single GST notice covering several financial years is without jurisdiction under Section 74. Each tax period must be assessed separately.
The case examined taxation of a charitable entity when registration under Section 12A was unsettled. While scrutiny selection was upheld, the assessment was remanded to await the outcome of registration proceedings.
The tribunal held that penalty under Section 271AAB cannot survive when the notice fails to specify the exact charge or applicable clause. A vague and routine penalty notice violates mandatory legal requirements, rendering the penalty invalid.
The tribunal ruled that penalty under Section 270A cannot survive when income is assessed purely on estimated gross profit after rejecting books. Additions based on estimation do not amount to under-reporting or misreporting of income.
Authorities applied a higher stamp value at registration to compute capital gains. The Tribunal corrected this by directing consideration of the stamp value on the agreement date, subject to verification.
The tribunal set aside the disallowance of deduction on interest earned from cooperative bank deposits. Consistent judicial precedents confirm eligibility under Section 80P(2)(d).
The High Court held that once a company undergoes CIRP and new management is installed, GST authorities must recognize this legal shift and cannot act as if the old management continues.
