ITAT held that interest earned from scheduled and co-operative banks was attributable to the society’s business of providing credit facilities and qualified for deduction under Section 80P(2)(a)(i).
ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to specified persons.
ITAT held that a BSNL employee absorbed from DoT is entitled to exemption for ex gratia and leave encashment by treating the employee as a Central Government employee.
ITAT held that foreign tax credit cannot be denied solely because Form No. 67 was filed after the return, subject to verification by the Assessing Officer.
ITAT directed the AO to verify Form 26AS and the corresponding income before deciding the TDS credit claim instead of denying it outright.
ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribed period despite non-deposit in the Capital Gains Account Scheme.
ITAT confirmed the Section 69A addition after the assessee failed to produce evidence identifying the alleged farmers or explaining the source of ₹23 lakh.
The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning more with lower post-tax income. It highlights the need for legislative changes to eliminate this unintended anomaly.
The Tribunal ruled that BSNL VRS-2019 compensation qualifies for complete exemption under Section 10(10B) despite the assessee not claiming it in the original return. It directed the Revenue to recompute income and issue the eligible refund.
The ITAT held that payments made to directors represented arranger fees and not prohibited sub-brokerage under SEBI Regulations. It deleted the entire disallowance under Section 37(1), finding no violation of law.
