The Tribunal held that a Section 148 notice issued after three years was invalid because the escaped income was below ₹50 lakh, making the reopening beyond limitation.
The issue was denial of charitable exemption due to alleged non-filing of Form 10B. The ITAT held that the audit report was filed on time and wrongly ignored by CPC. Substantive exemption under Section 11 was therefore restored.
The ITAT Pune remanded a charitable trust’s 12A and 80G applications for fresh consideration after noting procedural lapses and granting the trust another opportunity to respond to notices.
Though earlier dismissed for non-prosecution, the Tribunal evaluated the substantive grounds relating to bonus disallowance and income inclusion, granting partial relief.
The Tribunal sent the matter back to the Assessing Officer after finding that important objections on land classification and cost of acquisition were not verified. A fresh decision must be made after proper examination.
The ITAT held that reassessment beyond four years fails when the reasons do not show the assessee’s failure to disclose material facts.
The ITAT held that jewellery tag prices in internal software cannot be equated with realised sales, deleting GP additions made without evidence of suppression.
ITAT held that entire cash deposits of a business correspondent cannot be treated as unexplained income without verification. The AO must examine whether deposits were bank collections or the assessee’s own money.
Tribunal held that income cannot be added merely because it appears in Form 26AS and remanded matter to verify whether assessee actually received amounts corresponding to TDS credits.
The ITAT invalidated an assessment for AY 2008-09 after the AO failed to issue a mandatory draft order under section 144C during remand proceedings, highlighting procedural compliance in transfer pricing cases.
