The tribunal rejected the Commissioner of Income Tax (Exemptions)’s argument, distinguishing it from an outdated Supreme Court precedent and emphasizing that the trust’s objects were for the general public’s benefit.
The ITAT Bangalore ruled in Ramesh Kumar vs. ACIT that capital gains tax can’t be levied based on mere possession, a commencement certificate, and an unregistered Power of Attorney.
The ITAT Bangalore rules that while a co-operative society’s late IT return warrants disallowing its Section 80P deduction, the tax authorities must still assess and tax the net profit, not the gross income, after allowing for all related expenses.
ITAT Bangalore reverses a CIT(E) order, holding that teaching Vedas is a charitable activity, not a religious one, and an organization promoting it is eligible for Section 80G tax exemption. This decision relies on precedents that define Hinduism as a way of life.
Tribunal remands assessment of Namdhari Seeds on income from leased lands, awaiting Supreme Court ruling on whether contract farming income qualifies as agricultural income under section 10(1).
ITAT emphasized that section 69C applies only to unexplained or unrecorded expenditure; recorded educational expenses cannot be arbitrarily disallowed.
The Income Tax Appellate Tribunal (ITAT) in Bangalore ruled that an individual’s right to claim Foreign Tax Credit (FTC) is substantive, and a delay in filing Form 67, a procedural requirement, cannot extinguish this right.
ITAT rules that a co-op bank’s dealings with nominal members do not violate mutuality, allowing a deduction under Section 80P. It also clarifies rules for interest income from deposits.
ITAT Bangalore rules that interest on mandatory SLR/CRR deposits made by co-operative banks is eligible for Section 80P deduction, distinguishing it from surplus funds.
The Income Tax Appellate Tribunal (ITAT), Bangalore, ruled that capital gains from the sale of a property gifted by a husband to his wife must be clubbed with the husband’s income, not the wife’s, under Section 64(1)(iv) of the Income Tax Act.
