TAT Kolkata reverses Rs.1.33 crore tax addition on Sati Saw Mill’s cash deposits, holding that the money was accounted business receipts.
ITAT Mumbai quashes a Rs.2936 Cr penalty against CGTMSE, ruling its activities are charitable and not subject to the proviso of Section 2(15), and that penalty requires underlying tax liability.
Mumbai ITAT allows Section 80G deduction for CSR spending, stating that procedural disallowance under Section 37 doesn’t negate eligibility if conditions are met and AO conducted inquiry.
The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from house property in previous years.
In the case of SREI Equipment Finance Limited, the ITAT Kolkata delivered a mixed ruling, allowing a deduction under Section 80G for a CSR donation and providing MAT relief for a special reserve created under Section 36(1)(viii).
ITAT Kolkata held that an assessment based on a defective notice u/s 143(2) is invalid. Since the notice was not in CBDT’s prescribed format, the assessment order was quashed.
ITAT Jaipur sets aside the rejection of a tax exemption for Saraswati Shiksha Samiti. The tribunal ruled that registration under the Rajasthan Public Trust Act is not a prerequisite for tax exemption and cited a violation of natural justice.
ITAT Kolkata sets aside a ₹1.45 crore tax addition against Rajal Lefin & Commercial, citing a cryptic assessment order and dismissal of appeal on procedural grounds. The case is remanded for a fresh hearing, emphasizing the principle of natural justice.
The Income Tax Appellate Tribunal (ITAT) Kolkata allowed QLAR India Pvt. Ltd.’s appeal, ruling that the Assessing Officer’s disallowance of warranty provisions through rectification proceedings under Section 154 was invalid
ITAT Kolkata deletes tax additions on share capital and premium. The tribunal rules the company proved the genuineness and source of funds from a group company.
