The Tribunal held that a penalty notice lacking clarity on whether it relates to concealment or inaccurate particulars is invalid. It ruled that such a defect makes the penalty unsustainable.
The Tribunal set aside additions to book profit after ruling that MAT provisions do not apply to banks established under a special statute. It emphasized that such entities are not companies under the Companies Act.
Allegations of an implied anti-competitive agreement between a regulator and a software provider were rejected. The Commission found no material indicating collusion or exclusion of competitors.
The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting errors require verification, not outright denial of deduction.
The case examined whether purchases can be disallowed when supported by documents and sales are accepted. ITAT held that estimation without rejecting books or independent evidence is unsustainable.
GST Registration Cancellation Set Aside for Lack of Proper Reasons, Bank Account Attachment Lapses Automatically Under GST Law after one year: Bombay HC
The issue was whether properties purchased using company funds could escape benami classification. The Tribunal held that unexplained sources and cash routing justified treating transactions as benami.
The Tribunal ruled that taxation of income does not negate its use in benami transactions. Even disclosed or assessed income can form part of a benami arrangement. The judgment clarifies the independent scope of benami law.
ITAT held that where sales are not disputed, entire purchases cannot be disallowed. Only 15% profit element was taxed, reinforcing that tax applies to real income, not gross receipts.
The Tribunal deleted additions where the Revenue failed to prove actual cash transactions. It emphasized that suspicion and assumptions cannot replace evidence. The ruling protects taxpayers from arbitrary additions.
