Deduction u/s 80P(2)(d) for interest on investments with co-operative banks HELD THAT: - The Court applied the settled position following ASHWINKUMAR ARBAN CO OPERATIVE SOCIETY LTD. [2024 (11) TMI 971 - GUJARAT HIGH COURT] that a co-operative bank is itself a co-operative society for the purposes of section 80P(2)(d). The exclusion under section 80P(4) operates against a co-operative bank claiming deduction and does not deprive another co-operative society of deduction on interest earned from... ... ...

Reassessment - parallel proceedings on identical additions Validity of reassessment on additions identical to those in the original search assessment while tax appeals concerning that assessment remained pending - HELD THAT: - The additions in the reassessment were identical to those in the original assessment. The appellate authority had adjudicated the original assessment on merits as well as technical grounds, and the resulting tax appeals were pending. The precedent relied upon by the ... ... ...

Taxability of interest on State Government funds - Revenue character of signature bonus on transfer of developed power projects Taxability of interest on State Government funds - Taxability of interest arising from funds advanced by the State Government - HELD THAT: - On the appellant's uncontroverted submission that the identical issue had been decided in its favour for the earlier assessment year, the Court followed that determination that the interest belonged to the State Government a... ... ...

Charitable trust exemption - furnishing Form No. 10B belated but within extended return-filing date - Procedural timing of audit-report filing HELD THAT: - The requirement of furnishing the audit report along with the return cannot be applied rigidly where the due date for filing the return stood extended and the audit report was accepted before that extended date. Filing the audit report is a substantive requirement, but its time and manner of submission are procedural; where Form No. 10B... ... ...

Addition for unexplained foreign bank deposits - internal transfer of pre-existing funds Addition for unaccounted deposits in the HSBC, Geneva account where the deposits were claimed to represent funds transferred from an ABN AMRO Bank account - HELD THAT: - The concurrent factual findings established that the funds standing in the ABN AMRO Bank account had accumulated earlier and were transferred to the HSBC account, without any fresh deposit being introduced during the relevant financial ye... ... ...

Validity of notice u/s 143(2) issued to deceased assessee - Jurisdictional validity of assessment Validity of assessment initiated by a notice u/s 143(2) issued in the name of a deceased assessee, despite the Department having been informed of the death by the legal heir who filed the return - HELD THAT: - Where the return had been filed by the legal heir after intimating the Department of the assessee's death, the notice was required to be issued to that legal heir. A notice issued in th... ... ...

Penalty u/s 271(1)(c) for transfer pricing adjustment - good faith and due diligence under Explanation 7 Levy of penalty for a transfer pricing adjustment arising from differing application of TNMM and the profit level indicator under Explanation 7 to section 271(1)(c) - HELD THAT: - The Court accepted the Tribunal's finding that the assessee had adopted TNMM, a prescribed method, and had disclosed the filters, comparables and operating-margin computation in its transfer pricing study rep... ... ...

Reassessment on unverified Insight portal information - Roving and fishing inquiry in reassessment Validity of reassessment proceedings founded on Insight portal information allegedly linking the ceramic dealer to transactions with an Angadiya, without disclosure or verification of petitioner-specific material - HELD THAT: - The notice and the preliminary reassessment order did not disclose any material or transaction particulars connecting the assessee with the alleged escaped income. No mat... ... ...

Revision u/s 263 for alleged lack of inquiry into unsecured loans - Distinction between lack of inquiry and inadequate inquiry Invocation of revisionary jurisdiction under section 263 in respect of unsecured loans where assessment inquiry had been made - HELD THAT: - The Court accepted the Tribunal's factual finding that the assessee had furnished documents and evidence in response to the Assessing Officer's queries and that inquiries had been made during assessment. The extent of inq... ... ...

Clean slate principle in sale of corporate debtor as a going concern - Reassessment based on alleged cessation of interest liability - Order u/s 148A beyond show-cause notice Clean slate principle in sale of corporate debtor as a going concern - Reassessment of a company sold in liquidation as a going concern on a clean slate for alleged pre-existing interest liability - HELD THAT: - The company had been sold as a going concern on a clean-slate basis, under which past liabilities and investig... ... ...

Employee canteen recoveries under statutory canteen obligation - scope of supply - Input tax credit on statutorily mandated employee canteen services Employee canteen recoveries - scope of supply - Employer-provided perquisites - Salary deductions from employees towards subsidised canteen meals at the factory, R&D facility and corporate office - HELD THAT: - The canteen facilities at the factory and R&D facility were required under the Factories Act, while the corporate-office canteen was req... ... ...

Expired e-way bill - relevance of intention to evade tax under section 129 - invocation of section 129 - Intention to evade tax - Validity of invoking section 129 for transport of goods under expired e-way bills where tax invoices accompanied the consignment and no tax evasion or discrepancy was found - HELD THAT: - Section 129 was invoked solely because the validity of the e-way bills had not been extended. The Board's instructions distinguish minor procedural violations from serious sub... ... ...

Fresh adjudication of the GST assessment in view of the petitioner's stated discharge of tax liability and plea of overlapping demands. - HELD THAT: - Taking account of the petitioner's statement that the tax liability had been discharged and that the last three demand components had also been assessed by the jurisdictional officer, the Court did not decide the merits and directed fresh consideration subject to a stipulated deposit of interest and penalty. [Paras 8, 9, 10, 11] The impugned as... ... ...

GST demand beyond show cause notice GST demand beyond show cause notice - Mandatory limit on adjudication - Confirmation of GST tax demand and penalty in excess of the amounts proposed in the show cause notice. - HELD THAT: - Section 75(7) was held mandatory. The adjudicating authority is statutorily forbidden from confirming a demand exceeding that proposed in the show cause notice; an order doing so is without jurisdiction. [Paras 3, 4, 5] The adjudication order was set aside and the mat... ... ...

Recovery of GST demand during pendency of appeal - Statutory stay after cumulative appellate pre-deposits - Recovery from the Electronic Cash Ledger despite the claimed cumulative appellate pre-deposits under sections 107(6) and 112(8) of the GST enactment HELD THAT: - The statutory mandate that recovery of the balance demand is deemed stayed upon payment of the prescribed appellate deposit was not disputed. Without deciding whether the petitioner had in fact made the requisite deposits or wh... ... ...

Effective opportunity of personal hearing in GST adjudication - Principles of natural justice denied Validity of GST adjudication where the date fixed for personal hearing preceded the deadline for filing a reply to the show-cause notice - HELD THAT: - Fixing the personal hearing before expiry of the time granted for submission of reply rendered the opportunity ineffective and resulted in breach of the principles of natural justice. Coordinate Bench in M/s Modine Thermal Systems Private Li... ... ...

Summary order. The Executive Engineer was directed to consider and decide the petitioner's representations concerning reimbursement of GST under the work contracts, in accordance with law, within six weeks.... ... ...

Denial of Natural justice - absence of a personal hearing and adequate reasons Validity of the transfer-pricing order where the assessee's written replies were considered but no personal hearing or reasons addressing its contentions were disclosed - HELD THAT: - Though the impugned order indicated consideration of the assessee's replies, it did not disclose that a personal hearing had been afforded. The order was cryptic, contained no reasons, and did not deal with the contentions rai... ... ...

Anti-profiteering methodology in real estate projects - Actual availment of pre-GST CENVAT credit - GST on profiteered amount - Judicial review of anti-profiteering determinations Anti-profiteering methodology in real estate projects - Project-level ITC savings - Validity of the post-remand methodology for determining the additional ITC benefit in the residential project - HELD THAT: - The earlier direction rejected an ITC-to-turnover comparison because turnover does not correspond with accru... ... ...

Project-level anti-profiteering computation measures additional ITC against project expenditure, allocates the resulting saving per square foot across the project and sold area, and does not use purchase value as a turnover proxy. Only tax credit actually availed is relevant to the supplier's economic benefit; unavailed pre-GST CENVAT credit cannot notionally offset post-GST ITC, including credit on input services. GST collected on price increases arising from profiteering forms part of the benefit to be passed to homebuyers, with interest payable under the statutory scheme. Writ review does not replace specialised fact-based computations absent non-consideration of material submissions or manifest legal or jurisdictional error.