ITAT Bangalore rules that the genuineness of a charitable trust’s activities, not the amount of its expenditure, determines its eligibility for tax registrations.
ITAT Bangalore directed the re-evaluation of a trust’s classification as religious and its denial of tax-exempt status, citing a failure to consider all relevant documents.
Assessee also moved an application for admission of additional evidence (sale deed, tripartite agreement, purchase document) under Rule 29 of the Income Tax Appellate Tribunal Rules, 1963.
ITAT Surat held that ex-parte order of CIT(A) set aside and restored back for fresh adjudication subject to payment of cost of Rs. 10,000 on account of non-cooperation/ non-compliance on the part of the assessee. Accordingly, appeal disposed of.
ITAT Hyderabad held that passing of assessment order without Document Identification Number [DIN] is invalid and nonest in the eye of law. Accordingly, order shall be treated to have never been issued.
Law prescribes that tax shall be charged on income in respect of which such person is so liable at the maximum marginal rate. There is no provision in the law to charge specific discretionary trust bit lower than the rates of tax and surcharge applicable to a beneficiary individual.
ITAT Pune held that revisionary proceedings under section 263 of the Income Tax Act rightly invoked since AO failed to make necessary enquiries and verification. Accordingly, revisionary proceedings upheld and appeal of assessee dismissed.
Assessee-company was traded in electric security equipment systems and filed its income return declaring NIL income after setting off unabsorbed depreciation.
ITAT Chennai deletes a ₹832 Cr tax addition on share purchases, ruling that statutory valuation rules under Rule 11UA take precedence over third-party pricing.
The ITAT Chennai has quashed reassessment proceedings against Ashok Leyland Ltd., ruling the AO’s action was based on a change of opinion and not a failure by the assessee to disclose material facts.
