The case addressed disallowance of interest under Section 57 for lack of nexus. The Tribunal allowed the deduction, holding that consistency in earlier years and increased investments justified the claim.
The issue involved eligibility of interest from employee loans. The tribunal ruled that such income is not directly linked to core credit activity. Therefore, it is taxable as income from other sources
The issue involved taxability of interest earned from statutory deposits. The tribunal held that such income is attributable to business activities and qualifies for deduction. This highlights the importance of statutory obligations in determining tax treatment.
The Tribunal held that mere non-payment or expiry of limitation does not amount to cessation of liability. In absence of actual benefit or remission, addition under Section 41(1) was deleted.
The issue involved wrong filing of Form 10BB instead of 10B. The tribunal held that correction before processing cures the defect. This ensures that genuine claims are not denied on technical grounds.
The issue was whether Section 153C could apply when the assessees own premises were searched. The tribunal held that such a person is a searched person, making Section 153A applicable instead. Consequently, assessments under Section 153C were quashed for multiple years.
The issue concerned failure to follow tribunal remand directions on comparables. The ruling held that such non-compliance caused procedural irregularity, leading to exclusion of certain comparables and recomputation of ALP.
The case involved disallowance of business expenses where activity was minimal. ITAT held that existence of even limited business justified partial allowance and restricted disallowance to ₹1 lakh.
The issue was whether delay in cheque clearance attracts TDS interest. ITAT held that payment date is the cheque tender date, and no interest is leviable if submitted within due date.
The issue involved large unsecured loans without full supporting evidence. ITAT held that identity and creditworthiness were not properly established and sent the matter back for fresh verification.
