The ruling clarifies that Section 153(3)(ii) operates as an exception to the normal limitation framework. When assessments are made to give effect to appellate directions involving special audits, no fixed time limit applies.
ITAT Jaipur held that claim on account of provision of future expense is allowable under section 37(1) of the Income Tax Act as per matching principle of accountancy. Accordingly, appeal is allowed.
The court held that valid registration under income-tax law is a relevant factor under FCRA and cannot be ignored. Failure to consider it violated Section 52, which makes FCRA supplementary to other laws.
The amendment introduces a one-time option for UPS subscribers to revert to NPS within defined service timelines. The key takeaway is added flexibility, with clear conditions on contributions and loss of assured UPS benefits after switching.
The Tribunal ruled that increasing assessed income without issuing a notice under section 251 violates natural justice. The case was remanded as ex-parte enhancement beyond the original addition was found legally unsustainable.
Tribunal held that debatable issues fall outside scope of summary adjustments under section 143(1). Denial of exemption based on procedural lapses was therefore unsustainable.
ITAT Bangalore invalidated a reassessment where the assessee was not provided the recorded reasons, emphasizing that reopening notices must be supported by clear, communicated reasons before filing returns.
The Tribunal ruled that depreciation for subsequent years is consequential to the first-year determination of actual cost. Appeals were restored as the base year issue remained undecided.
The Tribunal ruled that routine replacement of plant and machinery parts does not create a new asset or enduring benefit. Such expenses were held to be revenue in nature and fully deductible.
ITAT Bangalore ruled that interest earned by a cooperative society from bank deposits is attributable to its core business and eligible for deduction under Section 80P(2)(a)(i), reversing the denial by lower authorities.
