ITAT holds TDS applies on year-end provisions where payee, amount, and nature are identifiable—assessee treated in default u/s 201. Relief allowed if payees paid tax; no TDS default on salary provisions as deduction arises on payment.
ITAT allows Section 80P deduction to Souharda society, holding registration under Souharda Act qualifies as co-operative society; rejects technical denial, finds no non-member dealings, and rules even disallowances boosting income remain eligible for 80P deduction.
ITAT allows deduction of interest paid under capital bond agreement, holding a clear contractual obligation existed; since corresponding interest income was taxed, matching liability must be allowed-disallowance deleted as one-sided taxation is impermissible.
BIS FMCS becomes compulsory when products fall under Quality Control Orders, restricting imports without certification. The key takeaway is that foreign manufacturers must ensure full compliance before entering the Indian market.
The audit highlights how incorrect CBS parameterization and weak internal controls lead to significant revenue leakage. It stresses strict verification and monitoring mechanisms to prevent income loss.
Delay of 208 days condoned on bona fide grounds with ₹1,000 cost; ITAT sets aside ex-parte CIT(A) order, holding denial of hearing violates natural justice, and remands matter to AO for fresh adjudication with full opportunity.
ITAT remands ₹33.12 lakh agricultural income claim due to lack of evidence; holds no proof means taxable u/s 68/115BBE, but grants one more chance for verification, imposing ₹2,000 cost for non-compliance.
The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies compliance while retaining key conditions and safeguards for taxpayers.
Condonation of 100 + month delay allowed on liberal principles with ₹5,000 cost; ITAT holds gross receipts of charitable trust cannot be taxed-even if Sec 11 denied, only net income after expenses is taxable; matter remanded for verification.
The RBI confirmed that nearly all ₹2000 banknotes have been returned since the 2023 withdrawal announcement. With only a small fraction remaining in circulation, the process is nearing completion. The update highlights the effectiveness of the phased withdrawal strategy.
