The ITAT Chennai held that rejecting agricultural income solely for lack of receipts is unjustified when similar income was accepted in earlier and later years.
Tribunal held that incremental cash deposits in bank accounts cannot be treated as unexplained under Section 68 without concrete evidence. Addition of Rs. 40.32 lakh was deleted.
ITAT Chennai held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since cash deposit during demonetization duly reflected as cash sales and there was no abnormal spike in sales during demonetization.
ITAT Chennai ruled that the CIT(E)’s scope for Section 12AB registration is limited to verifying charitable objects and activity genuineness, not conducting a full assessment of commercial income. The Tribunal directed the grant of registration.
ITAT Chennai upheld that immovable property transfers within family through registered settlement deeds are exempt under Section 56(2)(x). The AO’s view that such transfers were non-bona-fide was rejected.
The ITAT Chennai allowed a charitable trust to rectify its mistake of applying for provisional 80G registration, remanding the case for reconsideration under the correct clause for a five-year registration.
ITAT Chennai held that mere CRS data without corroborative evidence cannot justify taxing balances in foreign trusts as undisclosed assets when the assessee has not contributed funds or derived income.
ITAT Chennai granted relief, holding that reversal of a provision for liquidated damages, which was disallowed and subsequently taxed under VSV Scheme in earlier years, cannot be taxed again under Section 41(1). This prevents double taxation.
Tribunal held that filing of Form 10B is a procedural requirement, not a mandatory condition for exemption under Section 11, allowing relief to a charitable trust despite a four-day delay in uploading audit report.
ITAT Chennai set aside the rejection of an 80G registration application, holding that the prescribed timelines are directory, not mandatory. The Tribunal directed the CIT(E) to process the delayed application on its merits under the amended law.
