ITAT condoned an 820-day delay due to a bona fide jurisdictional mistake. It held that SBN deposits from members cannot be treated as unexplained when the source is properly explained.
The CIT(A) upheld additions without discussing merits or legal issues. The Tribunal ruled that a speaking order is mandatory and remanded the matter for fresh adjudication.
The reassessment notice issued within four years was wrongly quashed by applying amended law. The Tribunal restored the matter, emphasizing correct application of applicable provisions.
A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the original return submitted u/s 139(1).
The tribunal held that claiming TDS credit creates presumption of income in the assessee’s hands. The key takeaway is that TDS benefit must be explained or it becomes taxable.
The tribunal held that arbitrary estimation of agricultural income without supporting data is unsustainable. It ruled that additions cannot be made based on guesswork without evidence.
ITAT Bangalore condoned a 143-day delay caused by employee resignation, holding procedural lapses shouldnt deny justice. CIT(A)s order set aside; case restored for fresh adjudication on merits.
The tribunal held that disallowance based solely on third-party information without independent verification is unsustainable. It ruled that proper enquiry and evidence are essential before treating purchases as bogus.
The tribunal held that generation-based incentive linked to electricity output qualifies for deduction under Section 80-IA. It ruled that such incentives have a direct nexus with business operations.
ITAT Bangalore held that even in ex-parte assessments, gross bank deposits cannot be taxed as income without proper inquiry. Delay condoned, matter remanded for fresh assessment with ₹11,000 cost imposed.
