The decision clarified that income supported by books, demat records, and banking documents cannot be penalized as undisclosed under section 271AAB. Penalty reduction by CIT(A) was set aside.
Tribunal holds that surrendered LTCG cannot be treated as undisclosed income when fully recorded in books and supported by verifiable documents. Penalty under section 271AAB was therefore not leviable.
Tribunal held that home loans disbursed to buyers did not create a financial debt owed by the developer, as the Tripartite Agreement contained no repayment obligation on the builder. The ruling confirms that banks cannot claim creditor status without an explicit right to payment from the developer.
The Bombay High Court held that mortgage deeds executed without a prior No Objection Certificate (NOC) from an existing charge holder are voidable, protecting the rights of the first charge holder.
Supreme Court declares the 25-year experience mandate for Chartered Accountants seeking ITAT positions unconstitutional, aligning with prior rulings on advocates.
Tribunal ruled that appeals delayed beyond a reasonable period without valid reasons cannot be admitted for consideration under Section 263.
The Tribunal held that notices sent to an incorrect email constituted a valid reason for delay, restored the matter to the AO, and emphasized the need for fair opportunity. Key takeaway: technical lapses in service cannot defeat substantive justice.
Tribunal emphasized reasonable opportunity of hearing and proper consideration of all evidence to resolve disputed reassessment under Section 147/144.
ITAT held that cash deposits during demonetization were explained through duly recorded cash sales supported by VAT returns and stock records. Key takeaway: When books are accepted, cash sales cannot be treated as unexplained.
Tribunal held that a Section 148 notice issued by the Jurisdictional AO after 29.03.2022 is invalid under the faceless reassessment regime. It ruled that only the Faceless AO could issue such notices, vitiating the entire reassessment.
