The Tribunal held that purchase from a State Government entity cannot be undervalued, deleting Rs. 6.59 crore addition under Section 56(2)(x).
The Supreme Court’s judgment highlights that strict compliance with the original Form 10-IC deadline is essential to avail Section 115BAA tax benefits.
Supreme Court dismissed petition, confirming that a college with valid 12AA registration is eligible for 80G approval under Income Tax Act.
The Allahabad High Court ruled that a GST penalty under section 129(3) cannot be imposed for non-filing of Part-B of an e-way bill caused by a technical glitch without intent to evade tax.
ITAT rules that assessments under section 144 without proper section 148 notice are void when returns are filed late, affirming taxpayer procedural rights.
ITAT found that reopening relied on wrong bank deposits, incorrect assessee details, and a mechanical sanction under section 151. The reassessment under sections 144/147 and the ₹15 lakh unexplained cash addition were deleted.
The Court quashed the order rejecting the condonation of delay, emphasizing that human error and professional reliance justify acceptance of late audit filings.
Court held that a legal representative’s liability is limited to inherited assets and set aside attachment because no evidence showed petitioner inherited property from firm’s partners.
The Court held that proceedings under Section 130 could not be invoked for excess stock found during survey. Orders were set aside and refund directed.
Tribunal held that civil, plumbing and electrical charges paid to builder formed part of the acquisition cost and allowed claim. It held that embedded fixtures qualify for deduction, while travel expenses unrelated to transfer do not.
