The Tribunal ruled that unexplained money provisions cannot be applied on conjectures when the source of cash is reasonably explained. With no dispute on withdrawals and savings, the demonetisation-period addition failed on merits.
The ITAT emphasised that dismissal of appeals without dealing with substantive grounds is legally untenable. NFAC was directed to rehear the reassessment appeals after granting reasonable opportunity.
The SAFEMA Tribunal confirms that even properties transferred before the 2016 amendment fall under benami rules if the property continues to be held by the benamidar. This ensures all ongoing holdings remain accountable under the Act.
SAFEMA Tribunal confirms attachment of property bought in a third party’s name where the actual consideration was paid directly by the appellant, highlighting that future benefit validates a benami transaction.
The Tribunal ruled that CIT(A) must pass a speaking order addressing all grounds raised. Failure to do so vitiates the appellate order, regardless of assessee’s non-compliance.
The Tribunal held that once the Assessing Officer has examined and accepted the source of property investment, the Commissioner of Income Tax (Exemption) cannot reopen the issue under section 263. The ruling emphasizes finality of AO’s findings.
The SAFEMA Appellate Tribunal held that property attachment under PMLA requires prima facie proof of a money trail. Mere suspicion or association with accused persons is insufficient to sustain attachment.
The appeal was filed late due to ongoing police proceedings against the assessee. The Tribunal held this to be sufficient cause and restored the appeal for fresh consideration.
The Tribunal held that a bad debt claim involving factual and legal analysis cannot be disallowed during section 143(1) processing. Such issues must be examined through regular assessment proceedings, not summary adjustments.
The appeals were dismissed solely due to delay without examining merits. The Tribunal held that substantive justice requires condonation, though costs may be imposed for repeated defaults.
