ITAT Mumbai rules actuarial provisions for employee benefit schemes are allowable under Section 37(1) as ascertained liabilities, deletes major disallowances on expense provisions, limits TDS applicability to payment stage, and prevents double taxation of expenses.
ITAT Mumbai rules that Section 14A disallowance cannot exceed exempt income, directing AO to cap disallowance accordingly and delete excess addition, granting relief to assessee.
ITAT Mumbai holds reassessment invalid where approval under Section 151 was obtained from incorrect authority, ruling defect as jurisdictional and quashing notice under Section 148 and consequent proceedings.
The Tribunal held that interest earned from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d). It clarified that co-operative banks are treated as co-operative societies for this purpose.
ITAT Mumbai quashes reopening beyond 3 years where escaped income is below ₹50 lakh, holding notice under Section 148 time-barred and invalid, thereby deleting consequential addition.
ITAT Mumbai holds that vague purpose in Form 10 can deny Sec 11(2) exemption, remanding case for verification of actual utilization and allowing assessee to substantiate specific charitable purpose.
ITAT Mumbai rules redevelopment hardship compensation as capital receipt and deletes addition due to double taxation, granting relief where income was already taxed proportionately in later years.
ITAT held that once depreciation is allowed after scrutiny in the first year, it cannot be disallowed subsequently without fresh facts. The AO cannot revisit the same issue repeatedly. The key takeaway is that consistency must be maintained in tax assessments.
The Tribunal emphasized that procedural lapses should not defeat substantive tax relief. It held that Form 67 filed during rectification proceedings is valid compliance, allowing reconsideration of FTC claim.
The Tribunal condoned a 1394-day delay, prioritizing substantial justice over procedural lapses. It ruled that BSNL VRS compensation qualifies as exempt retrenchment compensation under Section 10(10B), allowing full tax relief and refund.
