The Tribunal upheld the deduction of interest expenditure after finding that the loan was utilized wholly for business activities. Once business use was established, the deduction could not be denied merely on technical grounds.
The Tribunal held that Section 43B cannot be invoked where the assessee has not claimed the GST liability as a deduction. Since the amount was not debited to the profit and loss account, the disallowance was deleted.
ITAT Delhi held that CSR-related donations can qualify for deduction under Section 80G when made to institutions approved under that provision. The Tribunal directed verification of eligibility and allowed the claim for statistical purposes.
ITAT Delhi held that deduction under Section 80G cannot be denied merely because donations were made as part of CSR obligations. The Tribunal ruled that contributions to eligible institutions remain deductible when statutory conditions are satisfied.
The Delhi ITAT held that liabilities already written back and offered to tax in later years cannot be taxed again under Section 41(1). The Tribunal ruled that such an addition would result in impermissible double taxation.
The Tribunal ruled that reassessment proceedings cannot survive when reasons recorded for reopening demonstrate non-application of mind. Following the Delhi High Court’s findings in the preceding year, the reassessment was declared invalid.
Where assessee substantiated purchase, holding and sale of shares of YICL through documentary evidence, DEMAT records, contract notes, STT payments and banking transactions, and Revenue failed to establish any nexus between assessee and alleged price-rigging operators, exemption under section 10(38) could not be denied merely on suspicion or penny-stock allegations.
The ITAT held that reassessment cannot be sustained when the Assessing Officer merely relies on an Investigation Wing report without independent verification. The reassessment order was quashed due to lack of independent application of mind.
The dispute concerned whether deduction under Section 80IB should be reduced by the amount already allowed under Section 80HHC. ITAT held that deductions can be computed independently, provided the aggregate deduction does not exceed eligible profits.
The Tribunal held that business promotion, petrol, and travel expenses cannot be disallowed merely on assumptions of possible personal use. In the absence of specific defects or evidence, ad hoc disallowance under Section 37(1) was deleted.
