The ITAT held that income appearing in Form 26AS cannot be taxed unless actually received when the assessee follows cash accounting. The ruling confirms that 26AS entries alone cannot justify additions.
Mumbai ITAT permits deduction under Section 57(iii) for ₹30.90 lakh interest paid on housing loan deployed to earn interest income. The ruling confirms that loan purpose, not its label, determines eligibility.
Mumbai ITAT ruled that retracted statements of a third-party transporter cannot justify additions without corroborative material. Detailed invoices, delivery challans, and proof of goods movement demonstrated genuine business expenses, resulting in dismissal of Revenue appeals.
ITAT Mumbai held that disallowance under Section 14A cannot exceed the exempt income, upholding judicial precedents and deleting Rs. 6.66 crore addition, emphasizing that hypothetical income cannot be taxed.
ITAT ruled that a Section 50C addition cannot stand without a DVO reference where market value is disputed. Matter remanded for fresh valuation and reconsideration.
Registration under section 80G was rejected due to a clause suggesting financial assistance abroad. Ruling: ITAT held application of income occurs in India. Key takeaway: Mere mention of foreign studies cannot block 80G registration.
ITAT Delhi allowed ESOP expenses of Rs. 54 lakh, emphasizing adherence to accounting principles and SEBI guidelines. Prior judicial precedents guided deletion of the AO’s disallowance.
ITAT held that the assessee had proved identity, creditworthiness, and genuineness of the lender through affidavits, ITR and audited accounts. Since the AO brought no contrary evidence, the Section 69A addition was deleted.
ITAT Mumbai deleted Section 69 additions as the Revenue relied only on uncorroborated statements and pen-drive data from third parties, violating natural justice. Suspicion alone cannot justify tax additions.
The Tribunal ruled that incidental foreign expenditure does not bar 80G approval, emphasizing that only the main charitable activities’ genuineness matters for registration.
