The Supreme Court rejected the Revenue’s delayed appeal where reassessment was initiated repeatedly for the same year. The ruling confirms that completed reassessment on merits cannot be reopened again.
ITAT ruled that principal amounts in accommodation share entries do not constitute income of a conduit entity. Taxability is restricted to the commission earned for facilitating such transactions.
It was ruled that the bar on fresh claims applies only to assessing officers, not appellate bodies. A valid Section 54F claim must be examined on merits during appeal.
The court affirmed disciplinary action where an auditor failed to detect ever-greening of assets and misreporting in audit accounts. The ruling confirms that serious audit lapses justify temporary removal from professional rolls.
The issue was whether penalty could be imposed for disallowance arising from a disclosed change in lease rent accounting. The Tribunal held that a bona fide, disclosed and debatable claim cannot attract penalty under section 271(1)(c).
The issue was whether the entire purchase amount could be added under Section 69C based solely on an entry-operator’s denial. The Tribunal ruled that since sales were accepted and books not rejected, only a 10% estimated disallowance was justified.
The case examined taxability of stamp duty differential in the hands of a housewife joint owner. The Tribunal ruled that absence of financial contribution bars addition under Section 56(2)(vii)(b).
The Tribunal ruled that reassessment cannot survive when the final addition departs from the original Section 148A notice. Consistency of information throughout the reopening process is mandatory.
The Court held that assessment orders under Section 62 stand deemed withdrawn where returns and dues are filed within extended timelines. Delays were condoned, subject to payment of interest and late fees.
CESTAT held that dummy export documents prepared for internal charge calculation did not amount to fraud. With no evidence of misuse, penalties on the CFS and its officials were quashed.
