The ITAT held that registration granted under Section 12AA before completion of assessment entitled the trust to claim exemption for the earlier assessment year under the proviso to Section 12A(2). It also deleted the addition on donations.
The ITAT held that Section 263 cannot be invoked where the Assessing Officer has made necessary inquiries and adopted a plausible view. It quashed the revision order after finding no lack of investigation into the related-party transaction.
The ITAT held that BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VRS scheme. The Tribunal rejected the view that exemption should be restricted to ₹5 lakh under Section 10(10C).
The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously allowed deduction under Section 80G for eligible CSR expenditure.
The ITAT Mumbai held that ESOP discount is an allowable deduction under Section 37(1), observing that the pendency of an SLP against a High Court judgment does not justify disallowance.
The ITAT Delhi held that foreign exchange fluctuation gains arising from export of services must be treated as operating income for transfer pricing purposes. It also ruled that the Safe Harbour Rules were not applicable to the relevant assessment year.
The ITAT held that no addition under Section 56(2)(viib) was warranted where shares were allotted to existing shareholders and no fresh funds were received during the relevant year. The Tribunal deleted the addition after finding the assessee’s valuation supported by registered valuers.
The ITAT ruled that approval from the Principal Chief Commissioner/Chief Commissioner is mandatory for reopening assessments beyond three years. Since approval was obtained from an incorrect authority, the reassessment was declared void and the addition was deleted.
A belated filing of Form 3CLA was a curable procedural defect and could not deprive an assessee of weighted deduction under section 35(2AB) where the substantive conditions for allowance of the deduction stand fulfilled.
The Mumbai ITAT held that ownership premises received under a redevelopment scheme are acquired in exchange for valuable tenancy rights and cannot be treated as having a nil cost. It directed the Assessing Officer to adopt the fair market value of the surrendered tenancy rights for recomputing capital gains.
