ITAT held that a society registered under the Karnataka Societies Registration Act cannot be taxed at the maximum marginal rate under Section 167B.
ITAT held that interest earned from scheduled and co-operative banks was attributable to the society’s business of providing credit facilities and qualified for deduction under Section 80P(2)(a)(i).
ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to specified persons.
ITAT held that a BSNL employee absorbed from DoT is entitled to exemption for ex gratia and leave encashment by treating the employee as a Central Government employee.
ITAT held that foreign tax credit cannot be denied solely because Form No. 67 was filed after the return, subject to verification by the Assessing Officer.
ITAT directed the AO to verify Form 26AS and the corresponding income before deciding the TDS credit claim instead of denying it outright.
ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribed period despite non-deposit in the Capital Gains Account Scheme.
ITAT confirmed the Section 69A addition after the assessee failed to produce evidence identifying the alleged farmers or explaining the source of ₹23 lakh.
ITAT remanded the matter after holding that the CIT(A) passed a non-speaking order without giving reasons or properly considering the assessee’s submissions.
ITAT Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already available before processing the return under Section 143(1). The Tribunal allowed the trust’s appeal and directed grant of the exemption.
