The Tribunal dismissed the rectification plea after holding that no mistake apparent on record was shown. It ruled that the assessee’s request amounted to seeking a review, which Section 254(2) does not permit.
ITAT Chandigarh allowed a delayed appeal of 457 days, holding that the assessee had reasonable cause for delay and the Limitation Act provisions applied. Appeal admitted for adjudication on merits.
The Court held that no disallowance under Section 14A can be made when exempt income is not earned in the relevant year. It upheld the Tribunal’s decision and dismissed the revenue’s appeal.
Explains how livestock is recognized, valued and disclosed under fair-value-based accounting standards. Highlights key principles, practical valuation methods and what the rules ultimately require.
Explains that HRA exemption is not permitted under the new tax regime and is fully taxable. Key takeaway: employees must compare regimes to avoid higher tax outflow.
ITAT held that criminal and departmental actions against former office bearers justified the 204-day delay. Assessment was remanded because additions were made without examining evidence.
ITAT upholds deletion of Section 69 addition after remand verification showed property purchases were recorded as business stock. Ruling highlights that properly accounted stock-in-trade cannot be taxed as unexplained investment.
ITAT holds that the temples bona fide belief in statutory exemption justified a 607-day delay. Assessments and penalties are remanded for fresh review considering exemption applicability.
ITAT holds that technical-glitch-related delay in filing Form 10AB cannot be rejected outright, directing the assessee to seek CBDT condonation. Ruling clarifies limits of CIT(E)s powers and ensures fair reconsideration of 80G approval.
Summary of income-tax rules on cash limits, including disallowance of cash expenditure, restrictions on loans, deposits, receipts, repayment rules, electronic payment requirements, and penalties for non-compliance under Sections 40A(3), 269SS, 269ST, 269SU and 269T.
