The ITAT Ahmedabad bench has set aside an order by the CIT(E) that denied 80G approval to a charitable trust, ruling that the matter requires fresh examination.
The ITAT Mumbai ruled in the case of Motilal Oswal Financial Services that while the AO had validly recorded satisfaction for invoking Rule 8D, the disallowance under Section 14A cannot exceed the actual exempt income, setting a crucial precedent for income tax assessments.
The ITAT Raipur ruled that unpaid VAT and Service Tax not claimed as a deduction in the P&L account cannot be disallowed under Section 43B, upholding a change of opinion as invalid.
Srijan Charitable Trust Vs ITO (Exemption) (ITAT Kolkata) Background Srijan Charitable Trust, registered u/s 12A, filed return of income for AY 2011-12 declaring nil income. The case was reopened u/s 147 based on a survey u/s 133A (27.01.2015) in the case of Herbicure Health Care Bio-Herbal Research Foundation, whose director admitted that donations given by […]
TAT Kolkata reverses Rs.1.33 crore tax addition on Sati Saw Mill’s cash deposits, holding that the money was accounted business receipts.
ITAT Mumbai quashes a Rs.2936 Cr penalty against CGTMSE, ruling its activities are charitable and not subject to the proviso of Section 2(15), and that penalty requires underlying tax liability.
A recent ITAT Patna decision underscores that genuine tax claims aren’t defeated by incorrect section citations. Taxpayers can seek rightful exemptions if conditions are met, even with minor errors.
ITAT Hyderabad held that addition of agricultural income as unexplained income under section 68 of the Income Tax Act as documents evidencing ownership of agricultural land now placed on record. Accordingly, matter remanded back to file of AO for fresh adjudication.
Mumbai ITAT allows Section 80G deduction for CSR spending, stating that procedural disallowance under Section 37 doesn’t negate eligibility if conditions are met and AO conducted inquiry.
The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from house property in previous years.
