The Tribunal ruled that interest from deposits with co-operative banks qualifies for deduction under section 80P(2)(d). The is that co-operative banks still meet the legal definition of a co-operative society.
The Tribunal held that past cash withdrawals cannot justify demonetisation deposits without evidence of continued cash holding. The is that unexplained deposits attract section 69A.
The ITAT Delhi invalidated assessments where the AO failed to record year-wise satisfaction linking seized material to the assessee. Proper satisfaction is essential for initiating Section 153C proceedings.
The ITAT held that unsecured loans totaling ₹1.05 crore could not be added under Section 68 where the AO failed to make any inquiry or issue summons, emphasizing that suspicion alone cannot justify additions.
PCIT invoked section 263 against an assessment under section 153C. ITAT held that without challenging statutory 153D approval, revision is unsustainable, emphasizing that 153D is a statutory safeguard.
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PCIT challenged a 153C assessment under section 263. ITAT held that without annulling statutory 153D approval, revision is unsustainable, confirming 153D as a statutory safeguard.
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ITAT Delhi held that reassessment under Section 147 is invalid if notice under Section 143(2) is not issued after filing of return. Entire proceedings quashed for procedural lapse.
