ITAT Delhi ruled that a sub-broker’s turnover includes only brokerage income, not total client transactions, and deleted ₹1.5 lakh penalty under Section 271B.
ITAT allowed condonation of a 321-day delay in appeal filing, emphasizing procedural fairness when assessment orders are delivered electronically.
The issue was whether higher depreciation on goods carriage vehicles could be disallowed during return processing. The Tribunal held that such debatable claims need scrutiny and cannot be adjusted under section 143(1).
The ITAT held that depreciation cannot be disallowed when ownership, usage, and actual cost of assets are undisputed. Mere suspicion about the source of funds is insufficient to deny statutory depreciation.
The issue was whether interest on INR-denominated CCDs should be benchmarked using LIBOR or domestic rates. The Tribunal held that PLR applies, rendering the transfer pricing adjustment unsustainable.
The issue was whether a short delay in filing an appeal justified outright dismissal. The Tribunal held that illness supported by medical evidence constituted reasonable cause and restored the appeal for merits adjudication.
The ITAT dismissed the Revenue’s appeal after the High Court upheld that revision under Section 263 was unwarranted where the Assessing Officer had conducted due inquiry.
Tribunal held that loss arising from compulsory conversion of stressed loans into equity under a restructuring scheme is a deductible business loss or bad debt for a bank.
The tribunal held that milk procurement and sale by a charitable society were incidental to its primary object of helping small and marginal farmers, and exemption under Section 11 could not be denied.
The assessee claimed the firm had dissolved and deposits belonged to a partner. The Tribunal held that absence of documentary proof justified treating bank deposits as unexplained income.
