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.
In the case of SREI Equipment Finance Limited, the ITAT Kolkata delivered a mixed ruling, allowing a deduction under Section 80G for a CSR donation and providing MAT relief for a special reserve created under Section 36(1)(viii).
ITAT Kolkata held that an assessment based on a defective notice u/s 143(2) is invalid. Since the notice was not in CBDT’s prescribed format, the assessment order was quashed.
The ITAT Kolkata ruled that an employee is entitled to full TDS credit even if their employer failed to deposit the tax. The ruling emphasizes that the remedy lies against the employer.
ITAT Jaipur sets aside the rejection of a tax exemption for Saraswati Shiksha Samiti. The tribunal ruled that registration under the Rajasthan Public Trust Act is not a prerequisite for tax exemption and cited a violation of natural justice.
ITAT Kolkata sets aside a ₹1.45 crore tax addition against Rajal Lefin & Commercial, citing a cryptic assessment order and dismissal of appeal on procedural grounds. The case is remanded for a fresh hearing, emphasizing the principle of natural justice.
