Tribunal held that AO erred by rejecting agricultural income based on estimated rates and online data while ignoring affidavits from buyers. It ruled that uncontroverted evidence cannot be replaced by assumptions, leading to deletion of ₹1.20 crore addition.
ITAT Bangalore held that assets received for testing purpose and there is no specific benefit that arises to the assessee with respect to usage of those assets, the same is not taxable under section 28(iv) of the Income tax Act. Accordingly, appeal of assessee allowed.
Explains when co-operative societies providing credit to members can claim full deductions under section 80P(2)(a)(i) despite having nominal members.
ITAT Bangalore confirmed that income admitted under Section 132(4) constitutes undisclosed income under Section 271AAB. The assessee’s claim of voluntary disclosure to avoid litigation was rejected, validating the ₹30 lakh penalty.
Tribunal upholds disallowance of ₹76 lakh paid for regularizing building deviations, ruling such compounding fees are penalties under Section 37(1) and not deductible.
Disallowances under Section 40A(3) were challenged as cash payments were made on holidays and for labor. Tribunal directs reassessment considering business exigency and genuine transactions.
The Tribunal held that religious institutions can claim exemption under Section 10(23BBA) even without filing a return, citing CBDT Circular No. 4/2002. Case remanded for factual verification.
The ITAT remitted the case for fresh assessment after the assessee challenged unexplained cash additions, highlighting the need for proper documentation and adherence to natural justice in tax proceedings.
Tribunal held that a minor delay should not defeat justice and directed CIT(A) to hear the case on merits, citing violation of Section 250(6).
The Tribunal accepted medical reasons for delay, found notice service defective, and set aside a non-speaking CIT(A) order for fresh adjudication under Section 250(6).
