ITAT Amritsar’s decision in the case of Hari Chand Vs ITO. The appeal challenged the addition of unexplained cash deposits and undisclosed interest income. The ITAT remitted the case back to the AO for further adjudication, emphasizing the need for proper verification and a reasonable opportunity for the assessee. Gain insights into the grounds raised by the assessee and the arguments presented by both parties in this case.
ITAT upheld the decision of the Commissioner, who had correctly deleted the addition made by the Assessing Officer. The Assessing Officer had added the differential margin to the assessee’s income based solely on a comparison between industry gross margin and the assessee’s gross margin, without conducting a thorough analysis of the assessee’s business strategy.
ITAT Ahmedabad held that in the proceedings under section 153A of the Act, the assessment can only be made based on incriminating materials found/ collected during the search from the premises of the assessee. Addition unsustainable no material of incriminating nature was found from the premises of the assessee.
ITAT Jaipur held that referring impugned domestic transaction to TPO u/s 92CA is invalid in view of omission of clause (i) of section 92BA vide Finance Act, 2017.
ITAT Delhi held that registration u/s 12AA to trust created for managing the statutory obligations of employees of the parent trust is granted as the same falls within the ambit of advancement of general public utility and, hence, to be considered as a charitable activity as defined u/s 2(15) of the Act.
ITAT Mumbai held that deduction under section 80P(2)(d) is allowable on the entire interest income received by the assessee from the Co-operative bank which includes the amount credited to the balance sheet.
ITAT Jaipur held that 100% exemption u/s. 10(10AA) denied as employees of Public Sector Undertaking (PSU) and Nationalized Banks or other Institutions which are classified as ‘State’ cannot be assumed the status of Central Government and State Government employees.
ITAT Indore held that registration under section 80G duly granted as giving donations to other trusts and societies to enable those trust and societies undertake their charitable activities is also one of the way of carrying out charitable activity.
ITAT Delhi held that assessee being a local authority is not engaged in business or earning profit, accordingly, penalty u/s 271B for not getting accounts audited unsustainable.
ITAT Delhi ruling in Maral Overseas Ltd Vs DCIT, asserting that Education cess is non-deductible as an expenditure under Sections 37 and 40(a)(ii) of Income Tax Act.
