The Tribunal held that mere acceptance of demonetized currency during the demonetization period cannot justify addition under Section 68 when identity, genuineness, and source are established. Revenue’s appeal was dismissed.
The Tribunal held that rejection of 80G approval solely on religious objects was insufficient without examining whether religious expenditure exceeded 5% of total income. The matter was remanded for fresh consideration under Section 80G(5B).
The Tribunal held that once loan transactions are routed through banking channels and identity and genuineness are established, the assessee cannot be asked to prove the source of the source. The unsecured loan addition of Rs. 60 lakh was deleted.
ITAT Ahmedabad allowed three appeals for statistical purposes by setting aside CIT(A) orders and directing fresh adjudication, subject to deposit of ₹5,000 per case in the PM National Relief Fund.
The Tribunal remanded the reassessment after the assessee sought another opportunity to explain the source of investment. The addition was set aside subject to payment of costs and fresh adjudication on merits.
The Tribunal deleted the ₹60 lakh addition under Section 68 after noting that the loan was received and repaid through banking channels and the lenders identity was established.
The Tribunal held that immunity from penalty requires strict compliance with statutory conditions, and absence of proof of Form 68 filing disentitles relief.
The Tribunal held that the disallowance of share purchase cost under Section 115BBE, arising from alleged bogus LTCG, is interlinked with the quantum issue.
The Tribunal upheld deletion of addition made on alleged unexplained investment in property. It held that difference between initial agreement value and final sale deed, without evidence of extra payment, cannot justify addition under Section 69.
The Tribunal ruled that invoking clause (i) instead of clauses (iii)/(iv) of Explanation 2 was legally incorrect where material belonged to another person. The reassessment proceedings were quashed for non-compliance with statutory procedure.
