The issue was unexplained partner capital contribution. The ITAT held that clear proof of funding by the NRI husband with sufficient creditworthiness bars addition under section 69A.
The Tribunal held that interest earned by a co-operative housing society from deposits with a co-operative bank is eligible for deduction, as the bank continues to be a co-operative society.
The ruling clarifies that rectification powers are confined to patent errors and cannot be invoked to revisit decisions based on later changes in law.
The tribunal held that interest earned on deposits with Cooperative Banks qualifies for deduction under Section 80P(2)(d), overturning the earlier disallowance.
The Tribunal held that CSR expenditure disallowed as business expense can still qualify for deduction under Section 80G. The key takeaway is that both provisions operate at different stages of computation.
The ITAT held that reassessment under Sections 147/148 is invalid if based solely on investigation reports, emphasizing the need for independent AO satisfaction.
The AO was directed to recompute capital gains based on DVO valuation but had ignored indexation. The Tribunal ruled that recomputation without indexation is legally impermissible.
ITAT held that CSR expenditure disallowed under section 37 can still qualify for deduction under section 80G. The ruling clarifies that both provisions operate independently.
ITAT Ahmedabad ruled that credit entries in the assessee’s account were correctly assessed, even though initial cash deposits belonged to a company, ensuring proper attribution of income.
The Revenue relied only on the builder’s settlement disclosure to tax the buyer. The ITAT held that third-party admissions, without corroboration or cross-examination, cannot fasten liability on the assessee.
