The Bangalore ITAT held that deduction under Section 80IA can be granted only if the income is genuinely derived from the eligible industrial undertaking. Mere classification of income under other sources does not automatically entitle an assessee to deduction.
The Bangalore ITAT held that mere differences between declared construction cost and DVO estimates cannot sustain additions under Section 69B without independent evidence of unaccounted investment. The Tribunal deleted additions relating to hostel construction expenditure.
The Bangalore ITAT held that charitable trusts publishing and selling educational books do not lose Section 11 exemption merely because they earn surplus. Educational publishing activities were held distinct from commercial business activities.
The Bangalore ITAT held that uncorroborated WhatsApp chats and retracted statements are insufficient to sustain large on-money additions in search assessments. Additions based purely on estimates without incriminating evidence were deleted.
The Tribunal ruled that deemed dividend provisions require evidence of withdrawal from a company in which the assessee is a shareholder. Since the shortage related to a proprietary concern, the addition was deleted.
ITAT Delhi held that notional interest on business advances cannot be taxed without actual accrual or receipt of income. The Tribunal deleted the addition after finding that the advances were made during the ordinary course of business.
The Tribunal observed that once the Revenue accepted sales arising from the same goods, it could not entirely disallow purchases as bogus. The decision emphasized the importance of stock records, invoices, and transport documents.
The ITAT Mumbai held that a reassessment notice cannot be treated as valid merely because it carried an earlier date when it was actually signed and served after limitation expired. The reassessment proceedings were quashed as without jurisdiction.
The Chennai ITAT dismissed the Revenue’s appeal after finding that identical issues had already been decided in favour of the assessee in earlier assessment years. The Tribunal followed its previous ruling on software service payments.
The ITAT Ahmedabad held that demonetisation-related cash deposits cannot be treated as unexplained money merely on suspicion when sales are properly recorded in books. The Tribunal upheld deletion of ₹2.35 crore addition due to absence of defects in evidence.
