Since the reassessment itself was quashed, the addition treating long-term capital gains as unexplained cash credit under section 68 automatically failed. Jurisdictional defects were fatal to the assessment.
The Tribunal ruled that maintaining a temple or holding festivals does not disqualify a trust if substantial funds are spent on public welfare. Authorities must examine actual expenditure patterns, not assumptions.
ITAT Cuttack held that reassessment proceedings fail when no addition is made on the very reasons recorded for reopening. If the original ground disappears, the entire reassessment becomes invalid.
The Tribunal held that where the input tax credit ratio reduced in the post-GST period, no additional benefit accrued to the developer. Consequently, no profiteering under Section 171 was established.
The Tribunal held that increasing base prices after a GST rate reduction defeated the statutory mandate of Section 171. Profiteering was confirmed as the benefit of tax reduction was not passed on to consumers.
The competition regulator found a prima facie case that large-scale cancellations followed by higher fares may amount to abuse of dominance. A detailed investigation has been ordered to examine unfair pricing and restriction of services.
The Tribunal ruled that the PCIT lacked jurisdiction to revise an assessment when the very issue was already under challenge before the appellate authority. Parallel revision proceedings were held to be impermissible.
Additions based on survey-time valuation of machinery were deleted as the Assessing Officer had not rejected the books of account. Prior binding orders in the same case were followed, reaffirming settled law.
The Tribunal ruled that interest earned on Government grants parked under official directions cannot be divorced from the original grant. Denial of exemption was found to defeat the purpose of section 10(23C)(iiiab), leading to relief for the assessee.
The tribunal held that a debt recovery tribunal cannot reject a counter-claim after a binding appellate remand. Orders bypassing affirmed appellate directions and natural justice were set aside.
