The Tribunal ruled that issuing a Section 143(2) notice before communicating reasons for reopening deprives the assessee of its statutory right to object. This violation invalidated the entire reassessment for the second year. The decision underscores that procedural fairness in reopening is a statutory mandate, not optional.
ITAT Delhi rules that delay in uploading Form 10CCB is procedural, not substantive. Start-ups can claim 80IAC deduction if the audit is completed on time and filed before assessment completion.
The Tribunal found that the JDA did not satisfy the statutory requirements of section 53A since possession was given only for limited development and no consideration was paid. Consequently, no transfer occurred under section 2(47), and capital gains could not be taxed for that year. The addition of ₹3,65,904 was directed to be deleted.
ITAT Delhi held that rebate and concession in fees to poor student claimed as donation is in accordance with object of the trust and hence deletion of disallowance of donation by CIT(A) is justifiable. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that the addition of Rs. 73,99,475 as LTCG under Section 10(38) was unjustified, as the assessee provided complete evidence and no direct link to alleged bogus transactions was established.
The Tribunal ruled that offshore supply receipts could not be taxed as the Revenue failed to establish any Permanent Establishment. It confirms that FOB-based offshore execution shields non-residents from Indian taxation.
Tribunal upheld 153C jurisdiction based on seized documents and statements, but rejected the AO’s full bogus-purchase addition, sustaining only a 10% profit estimation after book rejection under section 145(3).
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
ITAT held that charitable trusts without member-wise income shares cannot be taxed at 30% MMR. Tax must be applied at normal slab rates per CBDT Circular 320.
Because differing judicial views existed on taxation of co-operative society interest income, the AO’s accepted position could not be termed erroneous. The Tribunal ruled that debatable issues cannot trigger section 263 revision.
