ITAT held that interest earned from scheduled and co-operative banks was attributable to the society’s business of providing credit facilities and qualified for deduction under Section 80P(2)(a)(i).
ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to specified persons.
ITAT held that a BSNL employee absorbed from DoT is entitled to exemption for ex gratia and leave encashment by treating the employee as a Central Government employee.
ITAT held that foreign tax credit cannot be denied solely because Form No. 67 was filed after the return, subject to verification by the Assessing Officer.
ITAT directed the AO to verify Form 26AS and the corresponding income before deciding the TDS credit claim instead of denying it outright.
ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribed period despite non-deposit in the Capital Gains Account Scheme.
ITAT confirmed the Section 69A addition after the assessee failed to produce evidence identifying the alleged farmers or explaining the source of ₹23 lakh.
The Tribunal held that additions not proposed in the original draft assessment order and unsupported by DRP directions could not be sustained. It reaffirmed that the statutory process under Section 144C must be followed before making prejudicial variations.
ITAT Bangalore held that deduction under Section 80P cannot be denied merely because a co-operative society has nominal or associate members recognised under the applicable State law. It directed the Assessing Officer to allow the deduction.
The ITAT Bangalore held that the return of income and Form No. 10DA were filed within the prescribed due date of 30.11.2018. It directed the Assessing Officer to allow the deduction under Section 80JJAA.
