The issue involved penalty despite proper documentation. The Court held that valid invoice and e-way bill establish ownership, making action under Section 129(1)(b) invalid.
The issue involved whether valuation for release should follow invoice value or enhanced value. The Court held that Section 129(1)(a) applies, mandating release based on invoice valuation.
Retrospective cancellation of registration was held to be invalid as the scheme of Act did not permit cancellation of registration under Section 12AA(3) with retrospective effect in absence of explicit statutory authority.
The Tribunal held that unexplained cash credits must be taxed in the year they are recorded in the books, not when allegedly received. Since the ₹80 lakh was credited in AY 1997–98, the addition under Section 68 was upheld despite claims of earlier receipt.
The Tribunal examined denial of rebate due to technical computation issues. It held that deduction must be granted as income was below ₹7 lakh and statutory conditions were satisfied.
The Tribunal held that the addition based on third-party software data was invalid as the material was not provided to the assessee. Denial of cross-examination was found to violate principles of natural justice.
The Tribunal held that the maintainability of the appeal must be based on the correct tax effect and not erroneous figures in Form 36. Since the actual tax effect was below the CBDT threshold, the appeal was dismissed, reinforcing strict adherence to monetary limits.
The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption under Section 54F on surrender of tenancy rights.
The Tribunal held that interest on borrowed funds used to acquire a foreign company in the same line of business is allowable under Section 36(1)(iii). It found that the acquisition was driven by commercial expediency and business expansion.
The SC declined to interfere with the High Courts order granting IGST refund despite return filing error. It upheld that refund cannot be denied when export and tax payment are undisputed.
