ITAT Mumbai held that condoning a delay in filing an appeal does not replace the right to present submissions on merits and remanded the case for fresh adjudication.
Tribunal held that loss arising from compulsory conversion of stressed loans into equity under a restructuring scheme is a deductible business loss or bad debt for a bank.
The issue was whether a completed assessment could be revised without identifying concrete errors. The Tribunal held that vague observations and absence of specific defects do not justify invoking section 263.
The tribunal examined whether reassessment could be initiated by an officer lacking jurisdiction over a non-resident assessee. It held that notices issued by an incorrect authority render the entire reassessment void.
The tribunal held that a reassessment notice issued after three years was invalid as sanction was taken from an incompetent authority. The assessment was quashed for non-compliance with section 151(ii) of the Income Tax Act.
The Tribunal examined whether tax was short-deducted on remittances to non-resident shareholders. It held that TDS at 11.54%, derived from the concessional 10% rate under section 112 with surcharge and cess, was legally correct and no default arose.
ITAT Mumbai ruled that ancillary software support services did not constitute FTS under the India–Singapore DTAA, deleting a ₹482.77 crore addition due to failure of the make available test.
The Tribunal held that while section 14A applies to partnership investments, disallowance cannot exceed the amount excluded from total income. Excess Rule 8D disallowance was therefore restricted to the partnership loss.
ITAT Mumbai ruled that a co-operative society’s deposits in co-operative banks are eligible for deduction under section 80P(2)(d), despite section 80P(4) limiting banks themselves. The decision reinforces liberal interpretation of 80P to support the co-operative sector.
The Tribunal ruled that interest from deposits with co-operative banks qualifies for deduction under section 80P(2)(d). The is that co-operative banks still meet the legal definition of a co-operative society.
