Bangalore ITAT held that deduction under Section 43B cannot be denied merely because Form 3CD reflected GST payable on the audit report date. The Tribunal directed verification of subsequent payment made before the due date of filing the return.
The Tribunal ruled that bonus shares sold after being held for more than 12 months were taxable as exempt long-term capital gains and not business income. The assessees treatment of bonus shares as investments was accepted.
Chennai ITAT held that seminars, workshops, conferences, and medical training programmes can qualify as “education” under Section 2(15) of the Income-tax Act. The Tribunal revived the 80G renewal application of a cardiology association and remanded the matter for fresh consideration.
Chennai ITAT condoned a massive delay in filing appeals after accepting the assessee’s explanation that he became aware of favourable BSNL VRS rulings through employees’ WhatsApp groups. The Tribunal also held that BSNL VRS-2019 compensation is fully exempt under Section 10(10B).
Mumbai ITAT treated appeals against rejection of Section 12AB and 80G registration as infructuous after the CIT(E) subsequently granted approval following the Bombay High Court ruling. The original rejection had been based solely on absence of an irrevocability clause in the trust deed.
Mumbai ITAT held that granting only seven days for compliance before dismissing an appeal violates principles of natural justice. The Tribunal restored the Section 69C addition matter for fresh adjudication after finding inadequate hearing opportunity.
Mumbai ITAT held that the 10% tolerance band introduced under Section 56(2)(x)(b)(B) is curative and retrospective in nature. The Tribunal deleted addition arising from stamp duty valuation difference as the variation was only 7.44%.
Mumbai ITAT held that Section 69A cannot be invoked where loan transactions are fully routed through banking channels and recorded in regular books of account. The Tribunal deleted the addition despite Revenue alleging the transactions were accommodation entries based on third-party search material.
Bangalore ITAT held that applications for registration under Section 12AB and approval under Section 80G cannot be rejected on grounds of non-compliance when the assessee had already submitted replies before the ITO as directed. The Tribunal restored the matter for fresh consideration after finding the rejection contrary to records.
The Bangalore ITAT accepted the assessee’s explanation that medical issues and expiry of the digital signature certificate caused the delay in filing appeal. The Tribunal emphasized that procedural lapses should not deprive an assessee of an opportunity to contest major additions on merits.
