The issue involved unexplained bank credits treated under Section 69A. The Tribunal held that the assessee proved identity, creditworthiness, and genuineness, leading to deletion of the addition.
The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but found 8% profit estimation excessive. It reduced the rate to 5%, emphasizing fairness in estimation.
The Tribunal held that activities linked to micro-credit and welfare schemes do not negate charitable status in absence of profit motive. The ruling directs grant of 80G approval based on genuine charitable objectives.
The case examined whether property registered in trustees’ names violated Section 13(1)(c). The Tribunal held no violation as no benefit accrued to trustees, allowing exemption under Section 11.
The case involved disallowance of deduction under Section 80P due to delayed return filing. The Tribunal ruled that the issue must be reconsidered after the authority decides the condonation request.
The Tribunal held that limited religious spending within 5% does not bar 80G approval. The key takeaway is that incidental religious activity does not negate charitable status.
ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit mismatch for fresh adjudication.
The issue involved additions based on mismatch between property registration and payment dates. The Tribunal held that delayed encashment of cheques does not indicate unexplained investment. It concluded that the additions lacked factual basis and directed deletion.
The issue was whether a new trust can be denied registration due to lack of activities. The tribunal held that proposed charitable activities must be considered, and non-commencement alone is not a valid ground for rejection.
The case examined whether late submission of Form 67 can deny FTC. The tribunal held that filing before assessment completion is sufficient and directed allowance of full credit.
