The Tribunal held that Section 56(2)(viib) could not be applied once the assessee qualified as a company in which the public are substantially interested. The ruling clarifies that the charging ...

The Tribunal ruled that suspicion based on penny stock lists is insufficient to sustain additions. Revenue must prove real purchase and sale transactions through demat and banking ...

Revenue’s claim that manufacturing activity was artificially shifted to extend tax benefits was rejected. The Tribunal held that factual expansion and eligible profits were duly ...

With the reassessment notice quashed, the consequential assessment order and demand were automatically annulled. The ruling highlights that taxpayers cannot be burdened where initiation itself is ...

Upholding the CIT(A)’s order, the Tribunal held that settled law bars additions made without factual verification. The case ...

ITAT deleted disallowance of depreciation, loan interest, and fuel expenses after finding cars were registered in the company’s name. Ad-hoc personal use disallowance without evidence was held ...

The issue concerned an incorrect prayer reproduced in an appellate order. The Tribunal allowed correction and directed insertion of the proper prayer from the ...

The Tribunal held that for years where assessments were already completed, additions under Section 153A cannot survive without incriminating material found during search. Large additions based on ...

The High Court held that failure to grant a personal hearing before passing an adverse GST order violates Section 75(4), ...

The Tribunal ruled that estimating higher profit without rejecting audited books or finding major defects is impermissible. The declared 7% margin was accepted as reasonable, emphasizing limits on ...

The court held that Section 74 cannot be used unless fraud, wilful misstatement, or suppression with intent to evade tax is specifically alleged and proved. In the absence of these ingredients, the ...

The appellate tribunal declined to entertain the appeal citing absence of grounds. It clarified that the impugned order would not prevent the appellant from raising all legal pleas in any future ...