The case examined whether interest beyond Section 24 limits could be claimed when loan funds were temporarily used elsewhere. The Tribunal ruled that authorities must verify real deployment of funds before disallowance.
The dispute centered on whether omission to verify exceptional items prejudices revenue. The Tribunal upheld revision, emphasizing Explanation 2 to section 263. The ruling reinforces that absence of inquiry itself is sufficient ground for revision.
The Tribunal ruled that trusts engaged mainly in education, medical aid, and public welfare remain eligible for 80G. Minor worship-related elements do not alter charitable character.
The issue was whether an appeal involving large additions could be dismissed solely for delay without examining merits. The Tribunal held that technical dismissal was improper and ordered remand with costs. Key takeaway: meritorious matters should be decided on merits, not limitation alone.
The addition was based on suspicion arising from third-party misconduct. The Tribunal reiterated that income tax additions cannot rest on presumptions alone.
The assessment relied on investigation reports without examining the alleged entry provider. The Tribunal held that cross-verification is essential before sustaining additions under section 68.
The Tribunal reaffirmed that reassessment cannot be based on re-appreciation of facts already scrutinized earlier. Without failure of disclosure, invoking Section 147 beyond four years was invalid.
The assessing authority made a large addition without explaining its nature or legal basis. The Tribunal ruled that such a cryptic order cannot stand and set aside the addition.
The issue was whether settled losses could be ignored in a search assessment without incriminating material. The Tribunal held that the AO must start from the last assessed income and allow already determined losses.
The issue was whether reassessment can stand on an unsigned notice under Section 148. ITAT held that an unsigned notice confers no jurisdiction, rendering the reassessment void ab initio.
