The issue involved treating cash deposits as unexplained despite being part of recorded sales. The Tribunal held that taxing the same income again results in impermissible double taxation.
The Tribunal addressed denial of leave encashment exemption restricted to ₹3 lakh. It held that the revised CBDT limit of ₹25 lakh applies, allowing full exemption within the threshold.
The case examined whether disallowance under section 94(7) should be limited to exempt dividend. The Tribunal held that the provision applies to the full dividend received, rejecting the assessee’s claim.
The case examined whether settlement of a corporate guarantee liability qualifies as business expenditure. The Tribunal held that the guarantee was given for business purposes and the resulting payment was allowable.
The Tribunal examined whether loans for non-agricultural purposes disqualify a co-operative society from deduction under Section 80P. Relying on Supreme Court precedent, it held that such loans do not bar deduction. The ruling clarifies that credit facilities to members need not be limited to agricultural purposes.
The Tribunal held that disallowance of loss based on alleged penny stock manipulation was not justified without corroborative evidence. It found that transactions were supported by demat and banking records.
The ITAT held that the Assessing Officer wrongly compared dissimilar email marketing services to determine excess payment. The ruling clarifies that only comparable services can be used for arm’s length evaluation, leading to deletion of the addition.
The Tribunal held the assessment invalid as no mandatory notice under Section 143(2) was issued. The key takeaway is that absence of such notice renders the entire assessment void.
The issue was whether penalty for bogus purchases was justified. The Tribunal held that concealment through non-genuine purchases attracts penalty, confirming the levy.
The issue was validity of reopening beyond the limitation period. The Tribunal held the notice issued after the prescribed time was invalid, and quashed the entire reassessment.
