The Tribunal held that denial of CSR expenditure under Section 37 does not bar deduction under Section 80G. It ruled that eligible donations forming part of CSR must be examined under Chapter VI-A independently. The key takeaway is that CSR-linked donations can still qualify for tax relief if statutory conditions are met.
The tribunal examined whether reassessment could be initiated by an officer lacking jurisdiction over a non-resident assessee. It held that notices issued by an incorrect authority render the entire reassessment void.
The tribunal held that foreign exchange fluctuation loss was deductible as it was recorded under a consistent mercantile accounting system and in line with applicable accounting standards. The ruling reiterates that such losses are allowable when gains are similarly taxed.
The Tribunal held that dismissal of an appeal without effective hearing violated principles of natural justice. The matter was remanded for fresh adjudication with directions to grant adequate opportunity.
The tribunal held that a reassessment notice issued after three years was invalid as sanction was taken from an incompetent authority. The assessment was quashed for non-compliance with section 151(ii) of the Income Tax Act.
The Tribunal upheld revision where the Assessing Officer failed to examine an exempt LTCG claim linked to penny stock manipulation. The ruling affirms that lack of inquiry makes an order erroneous and prejudicial.
The Tribunal set aside cancellation of charitable registration after finding lack of proper opportunity and consideration of submissions. Fresh adjudication was directed in line with natural justice.
The issue was whether certain objects benefiting members disqualified charitable registration. The Tribunal ruled that dominant charitable objects like education and aid to poor students justified granting registration.
The Tribunal deleted an addition under Section 69A after holding that cash deposits were explained through prior bank withdrawals. The ruling affirms that redeposit of own withdrawn cash cannot be treated as unexplained.
The Tribunal upheld deduction under Section 80P(2)(d) where interest income was earned from deposits with a co-operative bank. It held that a co-operative bank remains a co-operative society for this purpose.
