Tribunal holds that Section 28 interest forms part of compensation for compulsory acquisition and cannot be taxed as income from other sources. Confirms exemption under Section 10(37).
ITAT holds that ignoring a valid online reply and supporting records vitiates reassessment; AO must first verify whether deposits were already in books before taxing. Key takeaway: non-consideration of evidence makes additions unsustainable.
Tribunal holds that the CBDT circular exempting commercial transactions was wrongly ignored; AO must re-verify if the shareholder loan was a genuine business accommodation before taxing under Section 2(22)(e).
ITAT ruled that organising Kathas or Yagnas for charitable fundraising does not constitute a religious object under Section 80G. The trust’s dominant objects were charitable, and expenditure on religious events was minimal. Approval under 80G(5) was therefore directed by the Tribunal.
The ITAT held that notices under Section 148 issued by JAO post-29.03.2022 lacked jurisdiction. Consequently, the reassessment was annulled, emphasizing only Faceless Assessing Officers can issue such notices.
The Tribunal deleted ₹8,82,278/- addition after assessing income under two heads. Initially, the A.O. and CIT(A) had sustained the addition as unexplained. Key takeaway: all income heads must be considered during reconciliation after a search.
The ITAT set aside CIT(E) orders denying Section 12A registration and 80G approval due to non-receipt of document requests, allowing the trust a fresh opportunity to comply.
Parasnath Fuels Pvt. Ltd. Vs DCIT (ITAT Dehradun) Rule 29 Rescues Assessee- Loans Need Fresh Look: ITAT Admits New Evidence, Sends Rs.90 Lakh Addition Back to AO Assessee appealed against NFAC order dated 08.10.2024 sustaining addition of Rs.90,00,000/- u/s 68 r.w.s 115BBE towards unsecured loans from M/s Yogya Shippings Pvt. Ltd. (Rs.50 lakh) & M/s […]
The Tribunal condoned the delay and held that the appeal could not be dismissed in limine. CIT(A) must issue a reasoned order on merits under Section 250(6).
The Tribunal condoned a 28-day delay in filing the appeal due to reasonable cause. The assessee had failed to comply with notices and did not provide evidence for deductions. All additions made by the Assessing Officer, including capital gains and salary income, were upheld.
