The Tribunal ruled that surplus funds parked in banks by a co-operative credit society retain the character of business income when linked to member credit activities. Deduction under Section 80P(2)(a)(i) was therefore allowed.
Bangalore ITAT held that interest paid on a housing loan can be treated as part of the cost of acquisition where no deduction was claimed under house property income. The Tribunal directed the AO to allow indexed benefit on such interest expenditure.
Mumbai ITAT held that once receipts reflected in Form 26AS are assessed as taxable income, corresponding TDS credit cannot be denied on technical grounds. The AO was directed to verify records and grant due credit.
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The Bombay High Court held that recovery of tax demands could not continue when the department failed to produce the assessment, rectification, or intimation orders creating such demands. The Court quashed the recovery notice and directed withdrawal of the demands.
Chennai ITAT held that the enhanced leave encashment exemption limit of Rs.25 lakh under CBDT Notification No.31/2023 applies retrospectively to pending matters. The Tribunal ruled that the amendment was remedial and intended to remove hardship for non-government employees.
Tribunal ruled that market value for captive power consumption must be based on the tariff charged to industrial consumers by TNEB while computing deduction under Section 80IA.
The Calcutta High Court held that goods detained during transit must be released once the consignor complies with the penalty requirement under Section 129(1)(a) of the CGST Act. The Court ruled that disputed ownership alone cannot justify continued detention without supporting material.
The Madras High Court held that a GST assessment order issued after the death of the proprietor was a nullity. The department was permitted to initiate fresh proceedings against the legal heirs in accordance with law.
The Madras High Court set aside GST orders reversing ITC claims after noting the retrospective amendment extending the deadline for availing credit up to 30.11.2021. The Court held that claims falling within the amended timeline could not be denied on limitation grounds.
