The Tribunal held that the government’s decision to canalise exports of beach sand minerals was a policy measure involving strategic resources. It ruled that such sovereign functions are excluded from the definition of enterprise under competition law.
The Court held that authorities cannot initiate confiscation under Section 130 without completing detention proceedings under Section 129. It ruled that bypassing statutory procedure renders the action invalid.
The Tribunal upheld denial of loss set-off as the statutory eight-year limit for carrying forward capital losses had expired. It ruled that pending litigation does not extend the permissible period under the law.
The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a statutory levy and cannot be treated as revenue.
ITAT held that share capital addition cannot be sustained where identity, genuineness, and creditworthiness of investors are supported by documents. The Tribunal found no defect in CIT(A)’s order deleting most of the addition.
The Tribunal ruled that an unregistered agreement does not invalidate exemption if possession is taken and payment is made. The term purchase under Section 54 was interpreted broadly.
The issue was whether proceedings under Section 153C were time-barred. The Tribunal held that the assessment fell outside the limitation period and was therefore invalid.
The Tribunal found that the AO wrongly taxed an investment in an incorrect assessment year. Evidence showed the purchase occurred earlier than the year under consideration. The decision highlights the importance of correct year-wise taxation.
The Tribunal held that transfer pricing adjustment cannot survive without a final assessment order post-DRP directions. Repeating such addition in a Section 263 order was held invalid.
The issue involved revision of assessment where income was declared under Section 44AD. The Tribunal held that absence of books makes Section 68 inapplicable. The takeaway is that revision cannot be based on lack of records not required by law.
