ITAT Kolkata held that interest on surplus funds deposited with banks by a credit co-operative society qualifies for deduction under Section 80P(2)(a)(i).
Mumbai ITAT deleted Section 270A penalty after Bombay HC set aside the Section 148 notice and proceedings issued by the Jurisdictional AO.
ITAT Kolkata dismissed the Revenue’s appeals and held that a consistently followed stock valuation method could not be disturbed without rejecting the books.
NCLT Kochi held that a Board cannot reject a valid Section 100 EGM requisition and ordered an independently supervised meeting under Section 98.
Calcutta HC quashed a fraud classification show cause notice after holding the forensic audit was inconclusive due to absence of complete borrower records and documents.
Mumbai ITAT deleted a ₹1.62 crore Section 69A addition after finding the AO relied only on an investigation report without independent inquiry.
ITAT Jaipur deleted Section 271(1)(c) penalty after holding that voluntary disclosure of LTCG in a Section 148 return did not amount to concealment.
Where the Revenue failed to establish the foreign origin or smuggled nature of seized gold through independent, scientific, or legally admissible evidence, the statutory presumption under Section 123 could not be invoked solely on suspicion.
ITAT Jaipur deleted Section 271(1)(c) penalty, holding that an estimated addition on alleged bogus purchases without findings of concealment could not sustain penalty.
ITAT Bangalore deleted Section 270A penalty, holding that ad hoc expense disallowance and TDS disallowance did not establish misreporting under Section 270A(9).
