ITAT held that the assessee discharged the burden of proving identity, creditworthiness, and genuineness. Addition was deleted as AO relied only on suspicion without evidence.
The Court set aside rejection of registration based solely on absence of an irrevocability or dissolution clause. It clarified that such conditions are not prescribed under law and cannot be imposed by authorities.
ITAT remanded the matter where the assessee claimed PAN misuse leading to additions under Sections 68 and 69. It directed AO to verify the police report, holding that relief must be granted if misuse is substantiated.
ITAT upheld addition under Section 68 as the assessee failed to prove identity, creditworthiness, and genuineness of unsecured loans. It ruled that mere submissions without proper evidence do not discharge the initial onus, and addition was rightly sustained.
ITAT held that interest earned by a co-operative society from deposits with a co-operative bank qualifies for deduction under Section 80P(2)(d). It ruled that such income remains eligible despite Section 80P(4), and addition made by CPC was deleted.
ITAT held that delay in filing Form 10B is only a procedural lapse and not fatal to exemption. It ruled that exemption under Section 11 cannot be denied where audit report is eventually filed.
ITAT set aside the addition made under Section 68 due to incomplete verification of a large gift transaction. It remanded the case for fresh examination with proper evidence and opportunity.
The case addressed whether reassessment can proceed before disposing of objections. The Tribunal ruled that such action breaches mandatory legal procedure, leading to quashing of the assessment.
The Revenue challenged allowance of bad debts due to lack of NCLT evidence. The Tribunal held that post-amendment law requires only write-off in books, not proof of irrecoverability. The ruling reinforces that accounting write-off alone is sufficient for deduction.
ITAT held that exemption under Section 11 cannot be denied via rectification under Section 154 for alleged delay in filing Form 10B. The issue involved disputed facts and prior acceptance, making Section 154 invocation invalid.
