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.
ITAT Delhi held that obtaining sanction u/s 151 from PCIT instead of PCCIT for reopening beyond 3 years invalidates reassessment. Jurisdictional defect renders entire proceedings void.
The Court ruled that the Tribunal failed to examine key contractual clauses and judicial precedents before denying a deduction claim. It held that such non-consideration amounted to a mistake apparent from the record.
