Exemption for BSNL retrenchment compensation - New exemption claim before appellate authority Exemption of BSNL retrenchment compensation under section 10(10B) - Eligibility of retrenchment compensation received under BSNL Voluntary Retirement Scheme, 2019 for exemption under section 10(10B) - HELD THAT: - The Tribunal noted that several Benches had treated compensation received by BSNL employees under the Scheme as retrenchment compensation eligible for exemption under section 10(10B). Since... ... ...

Unexplained money - cheque advance in proposed property transfer - alleged cash consideration in proposed property transfer Unexplained money - identified cheque advance - Addition as unexplained money of the cheque advance received during negotiations for transfer of the Noida property - HELD THAT: - For invoking section 69A, the assessee must be found to be owner of money whose nature and source remain unexplained. The payer, banking source and nature of the cheque credit as an advance towa... ... ...

Notice u/s 148 issued to deceased assessee - Submission to jurisdiction by legal representative HELD THAT: - A notice issued under section 148 to a deceased assessee is invalid unless the legal representative submits to the jurisdiction of the Assessing Officer without objection. Subsequent acceptance of the petitioner as legal heir did not cure the defect, since no notice was issued to the petitioner in that capacity and the petitioner had not submitted to jurisdiction. [Paras 6, 8, 9] Th... ... ...

Registration of charitable and religious trusts - Entitlement of a trust having both charitable and religious objects to registration under Section 12AA HELD THAT: - The statutory scheme does not differentiate between trusts established for charitable purposes and those established for religious purposes for registration. Income from property held under trust wholly for charitable or religious purposes is covered by the exemption provision; consequently, the presence of both charitable and re... ... ...

Deduction for industrial undertakings u/s 80IB - rubber contraceptives manufactured by assessee is an item covered by Entry Nos.27 and 28 of Eleventh Schedule of the Act being a rubber fitting - Consistency in grant of statutory deduction - HELD THAT: - Following MRF Limited [2025 (4) TMI 329 - MADRAS HIGH COURT] the Court held that the embargo under Entries 27 and 28 applies only to the products specifically described therein and not to every product made of rubber. Rubber contraceptives cou... ... ...

Statutory deeming fiction for pre-commencement undeclared foreign assets - Assessment in the assessment year succeeding the deemed acquisition Deemed acquisition of undeclared pre-commencement foreign assets - Assessment year u/s 72(c) of the Black Money Act - Assessment year for foreign assets acquired before commencement of the Black Money Act where no declaration was made under the declaration scheme - HELD THAT: - Section 72(c) creates a self-executing and conclusive fiction that an asset... ... ...

Commission payments - disallowance for non-deduction of tax - Incidental income of export undertakings Tax deduction at source on commission payments - Disallowance of commission payments for alleged failure to deduct tax at source under sections 195 and 40(a)(ia) - HELD THAT: - The Court found that the questions concerning the commission payments stood answered by a co-ordinate Bench decision in M/s.Puma Sports India P., Ltd. [2021 (4) TMI 93 - KARNATAKA HIGH COURT] as confirmed by SC [2021 ... ... ...

Transfer pricing comparables - exclusion as a factual determination - Appellate interference with factual findings Exclusion of Persistent Systems Ltd. and Larson & Tourbo Infotech Ltd. as transfer-pricing comparables - HELD THAT: - Selection or exclusion of comparables is a factual and data-driven exercise required to conform to Rule 10B. The Revenue failed to place material showing that the Tribunal's exclusion of the two companies was contrary to the settled legal position or vitiated ... ... ...

Reassessment based on erroneous PAN mapping - Colourable exercise of reassessment power Validity of reassessment proceedings founded on an alleged share transaction erroneously mapped to the petitioner's PAN - HELD THAT: - The Revenue categorically admitted that the information forming the foundation of the reassessment related to another person and had been inadvertently mapped to the petitioner's PAN. The Assessing Officer had nevertheless initiated proceedings without receiving ver... ... ...

Tax appeals maintainability - non-adjudication of substantial questions pending Supreme Court insolvency proceedings Adjudication of the admitted substantial questions in the tax appeals in view of the pending Supreme Court proceedings concerning the settlement plan and the Department's claim - HELD THAT: - The Court noted that the Department's claim had neither been extinguished, compromised nor adjudicated in the settlement proceedings and that its interests stood protected through ... ... ...

Government securities held to maturity as bank stock-in-trade - Bad-debt write-off for non-rural bank advances Government securities held to maturity as bank stock-in-trade - Revaluation loss on bank investment securities - Deductibility of revaluation loss on Government securities held by a bank to maturity - HELD THAT: - The Court treated the issue as governed by the settled position in KARUR VYSYA BANK LTD. [2004 (7) TMI 52 - MADRAS HIGH COURT] that Government securities held by a bank con... ... ...

Condonation of delay - sufficient cause - delay of 2628 days in preferring the appeal - Dismissal of defective appeal as time-barred - Condonation of inordinate delay in filing the appeal before the Tribunal where no condonation application was filed and the appeal defects remained unrectified - HELD THAT: - The appellant failed to furnish any satisfactory explanation or establish sufficient cause for the delay. Its plea of absence of knowledge of the Tribunal proceedings was belied by adjournme... ... ...

Unexplained cash-deposit addition based on subsequent-financial-year transactions - Non-consideration of material revisional ground Validity of the unexplained cash-deposit addition for Assessment Year 2022-23 where cash and transfer entries from a subsequent financial year were considered without proper consideration of the assessee's challenge in revision - HELD THAT: - The assessment for Assessment Year 2022-23, relating to Financial Year 2021-22, included cash and transfer entries per... ... ...

Mandatory procedure under Section 144C - Draft assessment order u/s 144C - Dispute Resolution Panel powers and change of forum - Final assessment order passed without draft - nullity - Distinction between Section 144B and Section 144C - Limitation for completion of assessment under Section 153 - Effect of remand on limitation and Courts' power to direct fresh assessment HELD THAT:- There is an inordinate delay in filing the Special Leave Petition(s) which has not been satisfactorily expla... ... ...

Validity of reassessment proceedings - period of limitation - HELD THAT: - There is a gross delay of 840 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioner. Even otherwise, we find no good ground to interfere with the impugned order passed by the High Court [2023 (2) TMI 1469 - GUJARAT HIGH COURT]... ... ...

Input tax credit on initial public offering expenses - Furtherance of business Eligibility of input tax credit on expenses attributable to the fresh issue component of an initial public offering, where the proceeds are deployed for the company's business, as distinct from expenses attributable to an offer for sale by existing shareholders - HELD THAT: - Services obtained for a fresh issue enable the company to raise capital for expansion, capital expenditure, working capital, repayment of... ... ...

Difference of opinion on e-way bill vehicle - number mismatch and tax-evasion intent - Mens Rea - E-way bill reflecting a wholly different vehicle number Difference of opinion on whether an e-way bill recording a vehicle number wholly different from the vehicle in transit justified penalty for intent to evade tax - HELD THAT: - The Judicial Member held that Part B of an e-way bill must contain the correct vehicle particulars, and that the concession for one- or two-digit errors cannot extend ... ... ...

Penalty u/s 129 for non-generation of e-invoice during movement of goods - Tax-evasion requirement for detention penalty Validity of penalty u/s 129 for transporting machinery without an e-invoice bearing IRN/QR Code, though accompanied by a tax invoice, E-Way Bill and LR, where no tax evasion was established - HELD THAT: - Non-generation of the e-invoice before commencement of movement was an initial breach of the prescribed e-invoicing procedure. However, a procedural irregularity alone doe... ... ...

Input tax credit - blocked-credit exclusions, specificity and burden of proof - Valuation of taxable supply - cess included in transaction value - Interest on wrongly availed and utilised input tax credit - Penalty for ineligible input tax credit Input tax credit - blocked-credit exclusions and burden of proof - Specificity of blocked-credit disallowance - Eligibility of input tax credit on brick-kiln-related vehicles, tyres and tubes, building materials, clothing gifts, food and catering, tr... ... ...

Input tax credit - retrospective extension of time for availment - GSTR-3B as return u/s 39 - Availment and utilisation of input tax credit - GSTR-9/GSTR-9C disclosure - effect on input tax credit - Show-cause notice - prohibition against new grounds of demand Sustaining a time-barred input tax credit demand on alleged non-receipt of supplies or non-payment of tax by suppliers when those grounds were absent from the show-cause notice and original adjudication - HELD THAT: - The original disal... ... ...