The case examined additions made in Section 153C assessments based on third-party search material. The Tribunal ruled that additions cannot stand unless incriminating documents are furnished to the assessee.
The Tribunal held that cash gifts received from relatives covered under section 56(2)(vii) cannot be taxed as unexplained credits. Once identity, creditworthiness, and genuineness are proved, section 68 has no application.
The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 lakh. The denial based on system logic and future amendments was rejected.
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).
