The application was rejected only on limitation without examining merits. The Tribunal ruled that bona fide delay must be condoned and eligibility under section 80G(5) examined afresh.
ITAT Delhi held that Final Assessment Order passed u/s 143(3) r.w.s. 144C(13) passed beyond time limit prescribed under section 153 of the Income Tax Act is barred by limitation. Accordingly, Final Assessment Order is liable to be quashed.
The Revenue relied on ITS data to allege unexplained cash deposits. The Tribunal ruled that where cash books and stock registers are maintained without defects, such additions are unsustainable.
The ITAT held that when reassessment is annulled for jurisdictional defects under the faceless regime, the connected concealment penalty cannot stand.
The government has approved an institution for scientific research under section 35(1)(ii), enabling donors to claim tax deductions. The key takeaway is that the approval is time-bound and subject to strict reporting and certification requirements.
Customs has replaced valuation tables while maintaining current tariff benchmarks. The move ensures consistency in import valuation practices.
The regulator has opened a three-month window allowing funds to extend expired or expiring PPMs. Eligible schemes can secure a six-month extension by meeting conditions and paying 50% of the filing fee.
The issue was whether additions could be made for an unabated year without any seized material. The Tribunal held that in the absence of incriminating evidence found during search, the assessment under section 153A was invalid and liable to be quashed.
A consultation proposes mapping legacy authorized services to GST SAC codes to fix invoice mismatches and ambiguity. The key takeaway is clearer eligibility for IGST exemption and smoother compliance for SEZ and IFSC units.
ITAT Mumbai held that goodwill arising from slump sale of a going concern is a depreciable intangible asset under section 32(1)(ii) for AY 2020-21, deleting disallowance.
