The Tribunal held that late filing of Form 10DA is a procedural lapse and cannot justify denial of deduction when substantive conditions of Section 80JJAA are fulfilled. Deduction was directed to be allowed as the form was filed before return processing.
The Tribunal held that a plea of defective return due to unpaid tax cannot be accepted without examining the underlying income. The matter was remanded to verify whether the income was correctly reported or belonged to another year.
The ITAT ruled that once the assessee establishes the source of investment, addition for unexplained investment cannot survive. Direct payment by a financier through demand draft explained the transaction.
The case examined whether delayed filing of Form 10AB could be condoned after statutory amendments. The Tribunal held that post-October 2024 law empowers authorities to condone delay on reasonable cause and remanded the matter for fresh consideration.
The case examined taxation of a charitable entity when registration under Section 12A was unsettled. While scrutiny selection was upheld, the assessment was remanded to await the outcome of registration proceedings.
The tribunal held that penalty under Section 271AAB cannot survive when the notice fails to specify the exact charge or applicable clause. A vague and routine penalty notice violates mandatory legal requirements, rendering the penalty invalid.
The tribunal ruled that penalty under Section 270A cannot survive when income is assessed purely on estimated gross profit after rejecting books. Additions based on estimation do not amount to under-reporting or misreporting of income.
Authorities applied a higher stamp value at registration to compute capital gains. The Tribunal corrected this by directing consideration of the stamp value on the agreement date, subject to verification.
The tribunal set aside the disallowance of deduction on interest earned from cooperative bank deposits. Consistent judicial precedents confirm eligibility under Section 80P(2)(d).
The case examined rejection of books under Section 145(3) and estimation of profits in a cold storage business. While rejection was upheld, arbitrary enhancement of rates and quantities was struck down, resulting in partial relief.
