ITAT Jaipur has allowed a charitable society to claim an exemption for accumulated income. The tribunal ruled that parking funds in a scheduled bank at year-end constitutes compliance with tax law, even if converted to fixed deposits later
The ITAT dismisses a taxpayer’s claim for expenses against income disclosed during a survey but sets aside the application of a higher tax rate on the same income.
ITAT Delhi deleted MAT addition on goodwill amortisation in SC Johnson case, noting it was recorded under a court-approved scheme and fully disclosed in audited accounts.
The ITAT Bangalore quashed a PCIT order, ruling that the premature hearing and subsequent order violated natural justice, remitting the case for a fresh hearing.
The ITAT Bangalore ruled that the CIT(A) erred by dismissing a tax appeal without a hearing, violating natural justice. The case was remanded for a fresh hearing.
ITAT Ahmedabad held that addition of LTCG u/s. 68 of the Income Tax Act by treating transaction as bogus cannot be sustained since shares were sold via recognized stock exchange and Security Transaction Tax [STT] duly paid and assessee’s involvement in manipulation of price not pointed.
Disallowance of ₹28,99,56,987/- towards finance costs on securitization transactions had no basis, as the interest income rightly belonged to the SPVs and not the assessee. Likewise, the addition of ₹1,61,82,000/- under section 69A read with section 115BBE was unjustified since the cash deposits in Specified Bank Notes represented genuine loan repayments from microfinance borrowers and could not be treated as unexplained.
ITAT Mumbai held that disallowance of expenses purely on adhoc basis without rejection of books of accounts or without pointing out any specific deficiencies is not justifiable and liable to be set aside. Accordingly, appeal of assessee allowed.
ITAT Ahmedabad partially upholds PCIT’s revision in Torrent Investments case, focusing on Sec 14A disallowances while ruling on capital loss and CSR deductions.
ITAT reaffirmed that goodwill is a depreciable intangible asset and clarified that amendments under Finance Act operate prospectively, not retrospectively.
