The Tribunal considered whether provisional customs duty payments qualify for deduction. It ruled that Section 43B permits deduction on payment basis regardless of later refunds.
The Tribunal held that a manufacturing company failing the 75% trading turnover filter applied by the TPO cannot be retained as a comparable. Dilution of the filter by the DRP only to accommodate one entity was found impermissible, leading to deletion of the comparable.
The Tribunal held that interest income earned by a co-operative society from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d), subject to verification of amounts.
The Tribunal found that additions for securities transactions may overlap with amounts already accepted by the tax authority. The matter was remitted to the AO for factual verification before sustaining any addition.
The Tribunal held that once bills and vouchers are furnished, ad hoc disallowance of expenses is unjustified. Unsupported estimations without defects cannot sustain additions.
The issue was whether interest could be taxed on interest-free advances where no interest was charged or received. The Tribunal held that hypothetical income cannot be taxed without accrual or deeming provision. The ruling reinforces that only real income is taxable.
The tribunal allowed a remand where unexplained cash deposits were added based on a PAN-linked account. The key takeaway is that effective opportunity must be given to disown alleged accounts.
The Tribunal held that merely reclassifying a disclosed business loss as speculative loss does not amount to under-reporting. Penalty under section 270A was therefore deleted.
The dispute centered on whether co-insurance administration fees required tax deduction at source. The Tribunal upheld their allowability without TDS, noting the issue was repeatedly settled in earlier years. The key takeaway is that consistent past rulings in identical facts will be followed.
The Tribunal held that despite repeated notices, interests of justice required another opportunity. The case was remanded for fresh adjudication with costs imposed for prior non-cooperation.
