ITAT Bangalore quashed Section 263 revision, holding that AOs acceptance of FMV based on valuers report was a plausible view after enquiry and non-reference to DVO or non-initiation of penalty cannot render the order erroneous or prejudicial.
The Tribunal found that additions were made without examining detailed reconciliation and evidence. It remanded the case for fresh verification, emphasizing proper factual analysis.
The Tribunal held that strict correlation between withdrawals and deposits is not required under Section 69. It ruled that reasonable cash availability and explanation based on probabilities is sufficient.
ITAT Bangalore held that interest on bank deposits from operational funds of a co-operative credit society is eligible for deduction u/s 80P, as it is attributable to business activity; reliance on Totgars was held inapplicable.
The Tribunal held that leave encashment relating to government service remains fully exempt under Section 10(10AA). It ruled that later absorption into a PSU does not change the nature of the benefit.
Section 54/54F deduction allowed by ITAT Bangalore despite incomplete documents, as substantive investment in house construction was proven through JDA, sample bills, and bank records-technical lapses cannot defeat genuine exemption claims.
The ROC penalized the company for reporting an incorrect AGM date in its financial filing. The ruling confirms that even inadvertent errors in statutory forms attract penalties.
Limitation start from date when Impugned Order in Form DRC 07 uploaded on portal and not from date of detailed order: Allahabad High Court
Authorities held that correcting a defective financial statement filing does not remove penalty liability. The ruling reinforces strict accountability for accuracy in MCA filings.
Reassessment quashed by ITAT Bangalore as failure to pass a speaking order on objections violated mandatory procedure under Sections 147/148, rendering entire proceedings invalid in law.
