The Tribunal held that use of surplus for land purchase in the society’s name reflects genuine educational intent. It rejected the view that recurring surplus amounts to profit motive and found the earlier inquiry incomplete. The application under Section 10(23C)(vi) was remanded for proper evaluation.
The tribunal ruled that Section 54 benefits apply to property purchased abroad before AY 2015-16, reversing the prior disallowance. Cash deposits in bank accounts without business entries cannot be treated as unexplained credit.
ITAT Delhi held that TDS deposited by a buyer in a later year cannot override correct assessment year of capital gains. Form 71 enables taxpayers to claim such TDS credit in year of transfer.
ITAT Delhi held that an addition under Section 69C is invalid if it is not based on the allegations in the show-cause notice. The AO cannot exceed the notice, and procedural fairness is mandatory.
ITAT Delhi ruled that sales already recorded in books and accepted under GST cannot be treated as unexplained income under Section 68 without independent verification. No addition can be made solely on untested statements.
ITAT Delhi held that Section 14A cannot be applied when no exempt income is earned, deleting a ₹1.24 crore disallowance. The Tribunal also condoned a 99-day filing delay due to reasonable cause.
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
Tribunal ruled that amendments to Section 11(3) of Income Tax Act are prospective. Accumulated charitable funds utilized within permitted 5+1 years cannot be taxed, overturning prior additions.
The AO reopened the assessment relying on external investigation without verifying facts, misclassifying the advance as unexplained income. Tribunal dismissed Revenue appeal and confirmed CIT(A) order.
ITAT Delhi allowed the appeal after noting the CIT(A) ignored a revised Tax Audit Report proving timely PF/ESI payments. Key takeaway: revised audit reports must be considered before confirming disallowances under Section 36(1)(va).
