ITAT examined addition under Section 69C for unexplained credit card payments made by the assessee. The Tribunal remanded the matter to the AO for proper verification, emphasizing the need for independent inquiry before confirming additions.
ITAT held that absence of an explicit irrevocability or dissolution clause is not a valid ground to deny registration under Section 12AB. The ruling directs grant of registration and consequential 80G approval.
ITAT held that statutory transfer of funds to the government is not dividend under Section 2(22). Hence, dividend distribution tax under Section 115-O is not applicable.
ITAT held reassessment invalid due to approval taken from an incorrect authority under Section 151. The ruling confirms that improper sanction makes the entire proceeding void ab initio.
The Tribunal upheld dismissal of appeal for non-payment of tax under Section 249(4)(b). However, it remanded the case after finding that the addition based on Form 26AS may be incorrect.
The Tribunal noted that registration was denied due to failure to submit building and safety approvals. It remanded the matter, holding that a fair opportunity must be given before rejecting charitable registration.
The Tribunal upheld that ESOP discount is a valid business expense under Section 37(1), rejecting the view that it is notional or capital. The key takeaway is that ESOP costs are allowable as employee compensation.
The Tribunal held that updated returns filed during ongoing assessment proceedings are not valid under Section 139(8A). The key takeaway is that taxpayers cannot correct returns once scrutiny has begun, though limited relief may still be granted.
The Tribunal held that Section 50C may not apply if properties are held as stock-in-trade. It remanded the case to verify whether transactions were part of real estate business.
The Tribunal held that the final assessment order passed after the prescribed time limit is invalid. It ruled that limitation begins from the date DRP directions are uploaded on the ITBA portal.
