The tribunal held that generation-based incentive linked to electricity output qualifies for deduction under Section 80-IA. It ruled that such incentives have a direct nexus with business operations.
ITAT Bangalore held that even in ex-parte assessments, gross bank deposits cannot be taxed as income without proper inquiry. Delay condoned, matter remanded for fresh assessment with ₹11,000 cost imposed.
ITAT Bangalore held CSR trust denial unjustified, ruling donation genuineness proven and no 3-year track record needed. Directed grant of Section 12AB registration and 80G approval.
ITAT ruled that interest disallowance cannot be made when sufficient interest-free funds are available. The key takeaway is that availability of own funds overrides assumptions of borrowed fund usage.
ITAT ruled that failure to file a return does not justify taxing income without allowing legitimate deductions. The case was sent back to the AO to consider exemptions and deductions available in records.
The tribunal held that GST, sales tax, and service tax refunds cannot be taxed where the assessee follows the exclusive accounting method and does not debit such taxes to the P&L account.
The tribunal held that failure to consider relevant documents denied proper adjudication. It set aside the orders and allowed fresh examination of compliance evidence.
The decision underscores that failure to follow the prescribed valuation procedure under section 50C leads to invalidation of additions. The Tribunal ruled in favor of the assessee due to lack of proper DVO reference.
The tribunal held that rental income cannot be taxed as business income when the assessee has diverse business objects. It directed reassessment under the correct income head.
The case examined whether transfer pricing adjustments could stand when an APA covered the relevant year. The Tribunal remanded the matter for reconsideration in line with the APA framework.
