Reassessment jurisdiction - reason to believe founded on correct factual premise - Reassessment based on incorrect recorded reasons - Non-application of mind to material on record Validity of reassessment where the recorded reasons treated the entire consideration from jointly owned land as accruing to the assessee despite the registered sale deed being available with the Assessing Officer - HELD THAT: - Jurisdiction to reopen depends upon a valid reason to believe founded on correct and rele... ... ...

Unexplained expenditure u/s 69C - Third-party evidence without independent corroboration - Unexplained money u/s 69A Unexplained expenditure based on uncorroborated third-party material - Presumptive taxation and alleged unrecorded purchases - Addition for alleged unexplained cash purchase u/s 69C founded on third-party seized records and statements - HELD THAT: - An addition for unexplained expenditure founded on third-party records and statements requires reliable evidence establishing the ... ... ...

Reassessment beyond four years - borrowed satisfaction and failure of full disclosure - Unexplained expenditure - uncorroborated allegation of cash payments for foreign remittances Reassessment beyond four years - Borrowed satisfaction - Failure to disclose fully and truly material facts - Validity of reassessment initiated beyond four years after the completed scrutiny assessment on information concerning alleged cash payments for foreign remittances - HELD THAT: - For reopening beyond four ... ... ...

Appellate adjudication of bad-debt write-off disallowance - Additional bad-debt write-off claim at first appellate stage Appellate adjudication of bad-debt write-off disallowance - Tribunal's refusal to adjudicate the challenge to disallowance of bad debts written off in the assessment completed pursuant to revision, on the ground that an additional claim had also been raised - HELD THAT: - The Tribunal was required to consider the validity of the disallowance on its merits. The appellant... ... ...

Minimum alternate tax on banking companies - Leave encashment deduction subject to actual payment - Depreciation on uninterrupted power supply as computer equipment Minimum alternate tax on banking companies - Applicability of minimum alternate tax to a banking company governed by the Banking Regulation Act, 1949 - HELD THAT: - The question was treated as covered by the Court's earlier decision Indian Overseas Bank [2025 (12) TMI 1923 - MADRAS HIGH COURT] wherein applying the decision of ... ... ...

Natural justice in assessment proceedings - Consideration of adjournment request - Validity of the final assessment made without consideration of the adjournment request uploaded on the income-tax portal HELD THAT: - The portal-generated confirmation and subsequent communication established that the adjournment request had been filed but was not placed before the Assessing Officer. Consequently, the final assessment was made without affording the petitioner an effective opportunity to place i... ... ...

Violation of principles of natural justice in faceless assessment - Adequate opportunity of hearing Validity of a faceless assessment order passed after allowing less than three working days to respond and without considering the assessee's emailed reply and supporting documents - HELD THAT: - An adverse quasi-judicial order affecting civil consequences requires precise notice and adequate opportunity to make a representation. The notice allowed an unreasonably short time, while the asses... ... ...

Determinate Trust - Measures to plug loopholes for tax avoidance through the medium of private trusts - Section 164 - Validity of Circular No. 13/2014 dated 28.07.2014 issued by CBDT HELD THAT:- Having heard the Additional Solicitor General appearing for the petitioner and having gone through the materials on record, we find no good ground to interfere with the impugned Order passed by the High Court [2025 (8) TMI 61 - DELHI HIGH COURT] The Special Leave Petition is, accordingly, dismissed... ... ...

Unexplained money u/s 69A - discharge of initial onus - addition confined to seized cash HELD THAT:- The Special Leave Petition was dismissed, the Court finding no ground to interfere with the impugned High Court order.... ... ...

Purpose test for subsidy receipts - Electricity subsidy linked to power consumption - capital receipt or a revenue receipt - Character of electricity subsidy under the Pondicherry power subsidy scheme, computed with reference to actual energy charges after commencement of production - HELD THAT: - The character of a subsidy is determined by the purpose and operative provisions of the scheme, and not by its nomenclature, source, form or timing of payment. Though the scheme broadly sought to foste... ... ...

GST on assignment of leasehold rights in industrial land - Levy of GST on assignment of leasehold rights in GIDC-allotted plots to third-party assignees - HELD THAT: - The Tribunal followed the binding ruling of the jurisdictional High Court [2025 (1) TMI 516 - GUJARAT HIGH COURT] that assignment by sale and transfer of leasehold rights in a GIDC plot constitutes transfer of benefits arising from immovable property and is not taxable as a supply under the GST law. The stated intention to seek... ... ...

Monetary limit for departmental GST appeals - Binding nature of departmental litigation-policy circulars - Commissioner's authorisation and exception to monetary limit - Commissioner's recorded opinion Maintainability of a departmental GST appeal below the prescribed monetary limit where no recognised exception or case-specific recorded opinion of the Commissioner was established - HELD THAT: - The monetary-limit instructions issued under the statutory litigation-control framework gov... ... ...

GST demand - alleged non-existent firm -alleged bogus inward supply - Tax evasion - burden of proof Validity of the GST tax and penalty demand founded on the allegation that the inward supply was claimed through a bogus or non-existent firm - HELD THAT: - The Tribunal held that a firm could be treated as bogus only upon establishing its non-existence. The firm was registered and had filed the relevant statutory returns. As the Revenue failed to establish either its non-existence or any evasio... ... ...

Monetary limits for departmental appeals - Exceptions to monetary-limit litigation policy - Proof of exception to monetary-limit policy - Commissioner's authorisation for appeal Maintainability of the departmental appeal against reduction of a GST penalty, having regard to the prescribed monetary limit and the absence of a proved exception - HELD THAT: - The statutory right of departmental appeal is subject to the conditions governing departmental litigation. Where penalty alone is disput... ... ...

Inverted duty structure refund-adjusted total turnover - Credit notes issued beyond statutory period Exclusion of credit notes from adjusted total turnover in computing refund of accumulated input tax credit under the inverted duty structure - HELD THAT: - Credit notes issued on account of return or rejection of supplies ordinarily reduce taxable turnover and are to be deducted while computing adjusted total turnover. The records established that the credit notes were issued during the refund... ... ...

Adjusted total turnover for zero-rated supply refund - Credit notes issued beyond the statutory time limit Exclusion of credit notes from adjusted total turnover while computing refund of accumulated input tax credit on export of goods without payment of tax - HELD THAT: - A credit note validly issued for returned or rejected supplies reduces the taxable turnover and is deductible in computing adjusted total turnover under the refund formula. However, credit notes issued during the refund per... ... ...

Interest on retrospective price escalation - Penalty for bona fide transitional tax compliance u/s 122 Interest on retrospective price escalation - Interest liability on differential tax paid through post-GST debit notes following retrospective upward revision of the value of pre-GST clearances - HELD THAT: - The price finally determined pursuant to a retrospective escalation clause constituted the true value of the goods from the date of their original clearance. The deeming fiction in secti... ... ...

GST levy on assignment of leasehold rights in industrial immovable property - Assignment of benefits arising from immovable property GST levy on assignment of leasehold rights in industrial immovable property - Assignment of benefits arising from immovable property - GST liability on assignment of leasehold rights in a GIDC industrial plot by the lessee to an assignee. - HELD THAT: - The Tribunal found the dispute squarely covered by the binding ruling of the jurisdictional High Court that as... ... ...

Input tax credit reversal on supplier credit notes - Adjustment of excess IGST against CGST and SGST liabilities Recipient's input tax credit reversal on supplier credit notes - Requirement to reverse input tax credit upon receipt of supplier credit notes during the relevant period - HELD THAT: - During the relevant period, neither the Act nor the Rules imposed a mandatory obligation upon a recipient to reduce input tax credit merely because the supplier had issued a credit note. The stat... ... ...

Service of show-cause notice after cancellation of GST registration - Electronic service through Common Portal Service of show-cause notice after cancellation of GST registration - Electronic service through Common Portal - Validity of ex parte GST adjudication where, after cancellation of registration, the show-cause notice was served only electronically through the Common Portal. - HELD THAT: - After cancellation of registration, the noticee may neither access nor be obliged to access the C... ... ...