The issue was whether cash deposited during demonetisation was fully explainable from business receipts. ITAT held that explanations were partly unreliable and sustained 50% of the addition under Section 68.
The tribunal held that Section 41(1) applies only when a liability is actually remitted or ceases to exist. Mere passage of time or old outstanding balances cannot justify a deemed income addition.
Although the Revenue followed the new reassessment procedure, the notice was issued beyond the allowable time. The Tribunal set aside the reassessment as void ab initio.
The tribunal held that refusal to condone delay defeats substantial justice when reasonable cause exists. Delay was directed to be condoned and appeal heard on merits.
The Tribunal examined whether professional fees claimed were actually incurred and for business purposes. It held that absence of evidence like bank payment, TDS, and service details justified disallowance.
The Assessing Officer alleged incorrect claim of stamp duty expenditure without identifying any such entry in the accounts. The Tribunal deleted the addition, holding it to be based on presumption.
The ITAT restored an ex-parte assessment where LTCG was added mechanically without hearing the taxpayer. The ruling reinforces that denial of natural justice vitiates capital gains assessments.
The issue was whether interest earned from co-operative banks qualifies for deduction under section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies for this provision, making the interest fully deductible.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
The issue was whether adjustment of brought-forward loss and depreciation under MAT could be altered through rectification. The Tribunal held that such MAT computation involves interpretation and debate, making section 154 inapplicable.
