ITAT Kolkata condoned an extraordinary delay in filing appeals, emphasizing that genuine and unavoidable reasons justify late filing, allowing the appeals to proceed for adjudication.
ITAT ruled that a Section 50C addition cannot stand without a DVO reference where market value is disputed. Matter remanded for fresh valuation and reconsideration.
The Court upheld the deletion of penalty under the Black Money Act after finding the wife was only a joint holder and the husband had fully disclosed the foreign asset. The ruling notes no substantial question of law arose.
Court ruled that FEMA summons issued under Section 37 operate within a civil-procedural framework and are not subject to gender-based safeguards under Section 160 CrPC. The key takeaway is that a woman cannot claim exemption from personal appearance in FEMA inquiries.
Registration under section 80G was rejected due to a clause suggesting financial assistance abroad. Ruling: ITAT held application of income occurs in India. Key takeaway: Mere mention of foreign studies cannot block 80G registration.
The Tribunal held that Section 69 additions based solely on pen-drive data and an employee’s statement from a third-party search could not be sustained. No corroboration or confrontation to the assessee was provided. The ruling confirms that unsupported electronic data cannot create taxable on-money additions.
The Tribunal held that Section 44AD could not be applied to a goods carriage business excluded under Section 44AE and restored the matter for fresh examination. The AO must verify conditions under Section 44AE and recompute income accordingly.
ITAT Bangalore allowed deduction of ₹55.4 crore ESOP expenses under section 37, holding it as employee compensation cost. ESOP costs may be deductible even if cross-charged from parent company.
The Tribunal held that conflicting judicial views on Section 10(38) exemption made the issue debatable. Since the assessee disclosed all facts, penalty for concealment could not survive despite later denial of exemption.
The Tribunal quashed additions for bogus purchases, cash seizures, and transfer pricing adjustments, affirming the AOP’s unified management and correct taxation at the consortium level.
