Tribunal remanded issue of unexplained cash deposits under Section 68 to Assessing Officer for fresh verification, citing lack of adequate opportunity and consideration of evidence by lower authorities.
The ITAT Panaji sent the disallowance of agricultural income back to the AO for fresh review, finding that the lower authorities ignored substantial documents and confirmations provided by the assessee. The ruling confirms that tax authorities must properly verify factual material and grant a fair hearing before disbelieving a farm income claim.
The ITAT Panaji set aside the NFAC order that confirmed a ₹9.81 crore tax addition after finding the NFAC failed to consider the assessees detailed online submissions. The key takeaway is that an adverse order passed without considering key submissions is invalid and violates natural justice principles.
The Tribunal partly allowed the assessee’s appeal, remanding the Section 69C addition for verification and deleting the Section 80C disallowance, emphasizing submission of proper evidence and opportunity of hearing.
ITAT Panaji rules in favor of Shirguppi Sugar Works, deleting an income tax addition. The Tribunal held that interest earned on FDs, placed to secure bank guarantees for importing capital goods, is directly linked to the project and can be set off against capital costs, not taxed as “income from other sources.
ITAT Panaji ruled that cooperative societies can claim a deduction under Section 80P even if they filed their return late, but only for assessment years (AYs) prior to 2018-19.
ITAT Panaji held that, in order to verify violation provisions of section 18(1) of the Karnataka Cooperative Societies (Amendment)Act 2014, AO is directed to verify list of all members of society and examine whether associate members exceeds 15% of total membership or not.
ITAT Panaji held that ad-hoc determination of taxable income without invoking special audit u/s. 142(2A) of the Income Tax Act not only jostled ad-hoc & irrational estimations but led to farfetched determination due to complexity of business. Accordingly, matter remanded back to AO.
ITAT Panaji sets aside NFAC’s dismissal of tax appeal for one-day delay, citing hyper-technical grounds and affirming timely filing.
ITAT Panaji remands appeal of Mercantile Co-op Credit Society on Rs 1.1 Cr 80P denial & Sec 68 addition for fresh hearing after ex-parte order.
