Pune ITAT ruled that interest earned by a cooperative society from investments with cooperative banks is deductible under Section 80P(2)(d). The decision reinforces the broad scope of the provision.
Pune ITAT observed that the Revenue had accepted the assessee’s scrap business in earlier and later years by estimating profit on turnover. The ruling held that this history must be considered before treating deposits as unexplained income.
The Tribunal ruled that Section 68 does not distinguish between business advances and loans when unexplained credits appear in the books. The key takeaway is that real estate developers must prove the source and credibility of customer advances.
Pune ITAT held that once TNMM is accepted for a taxpayer’s aggregated international transactions, the TPO cannot isolate a single transaction and apply a different method. The ruling deleted the transfer pricing adjustment and reinforced consistency in benchmarking.
Pune ITAT held that Section 43CA is prospective and applies only from Assessment Year 2014-15 onward to eligible transactions. Agreements executed before the provisions introduction remain outside its scope.
ITAT Pune held that compensation received under BSNL VRS-2019 falls under Section 10(10B) as retrenchment compensation and is exempt from tax. The Tribunal directed reassessment of tax liability and grant of refunds after verification.
The Tribunal found that CBDT notifications issued under TOLA extended the period for departmental actions, including rectification proceedings, thereby saving the order from being time-barred.
The assessee sought deduction for property tax paid during the relevant financial year but failed to claim it in the return. The ITAT granted another opportunity and ordered verification of the claim on merits.
ITAT held that the assessee discharged the primary burden under Section 68 by producing complete documentary evidence regarding the lender and the loan transaction. The addition was deleted because the Revenue failed to disprove the evidence.
The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remanded the matter to the Assessing Officer to verify turnover details and determine taxable income on a reasonable basis.
