The Tribunal held that the MAT provisions under Section 115JB do not apply to banking companies, following binding precedents in the bank’s own cases. The decision provides significant relief by confirming that banks are not liable to tax on book profits under MAT provisions.
The Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchases. In the absence of contrary evidence, arbitrary disallowance of purchases could not be sustained.
The Bangalore ITAT held that ambiguity in the penalty proceedings rendered the levy unsustainable. The Tribunal emphasized strict compliance with the statutory framework under Section 270A.
The ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling highlights the importance of valid service of notices in tax proceedings.
The ITAT observed that invoking the test of human probabilities cannot replace factual verification of books and bank records. Additions under Section 69A require evidence showing that the disclosed cash was unavailable.
The ITAT found that provisions for identified legal and professional expenses represented crystallized liabilities requiring TDS deduction. The key takeaway is that only genuine contingent liabilities may escape such obligations.
The ITAT Bangalore held that additions under Section 68 could not be sustained without proper examination of bank statements, PAN details, confirmations, and other supporting evidence. The matter was remanded for fresh consideration.
The Tribunal held that cash received from members and credited to their accounts could not be treated as unexplained income of the co-operative society under Section 68.
The Tribunal held that Section 263 cannot be invoked where the assessee never claimed the alleged expenditure as a deduction. Without any allowance in the assessment order, there can be no prejudice to Revenue.
The key issue was whether the absence of corresponding entries in Form 26AS justified denial of TDS credit. The ITAT held that employees should not suffer adverse consequences due to the employer’s failure to comply with TDS obligations.
