ITAT Mumbai holds that vague purpose in Form 10 can deny Sec 11(2) exemption, remanding case for verification of actual utilization and allowing assessee to substantiate specific charitable purpose.
ITAT Mumbai rules redevelopment hardship compensation as capital receipt and deletes addition due to double taxation, granting relief where income was already taxed proportionately in later years.
ITAT held that once depreciation is allowed after scrutiny in the first year, it cannot be disallowed subsequently without fresh facts. The AO cannot revisit the same issue repeatedly. The key takeaway is that consistency must be maintained in tax assessments.
The Tribunal emphasized that procedural lapses should not defeat substantive tax relief. It held that Form 67 filed during rectification proceedings is valid compliance, allowing reconsideration of FTC claim.
The Tribunal condoned a 1394-day delay, prioritizing substantial justice over procedural lapses. It ruled that BSNL VRS compensation qualifies as exempt retrenchment compensation under Section 10(10B), allowing full tax relief and refund.
ITAT Mumbai quashed reassessment as approval under Section 151 was obtained from the wrong authority. Notice under Section 148 held invalid, making entire proceedings void ab initio.
The Tribunal held that the Assessing Officer went beyond revisionary directions by including additional issues. It ruled that such excess additions were invalid and liable to be deleted.
The tribunal examined whether sales receipts can be treated as unexplained cash credits. It held that documented sales recorded in books cannot be taxed under Section 68.
The Tribunal dismissed the challenge to reassessment proceedings as no arguments were presented by the assessee. The ruling highlights that absence of pleadings can lead to automatic rejection of grounds.
ACIT Vs Bharat Rail Automations Pvt. Ltd. (ITAT Nagpur) The appeal before the Income Tax Appellate Tribunal (ITAT), Nagpur, arose from an order passed by the Commissioner of Income Tax (Appeals) allowing deduction under Section 80IA(4) of the Income Tax Act, 1961 to the assessee for Assessment Year 2015–16. The assessee, engaged in design, development, […]
