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Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
The Tribunal clarified that section 292BB only cures defects in service of notice, not complete absence of a valid jurisdictional notice. Participation in proceedings cannot validate an assessment initiated by an incompetent authority.
The Revenue alleged unexplained cash credits despite documentary evidence. The Tribunal ruled that once loans are repaid with interest and TDS, Section 68 cannot be invoked in isolation.
The Tribunal upheld taxation of rental receipts as income from house property because the companys principal object was not property letting. It ruled that business income treatment cannot be claimed merely based on incidental objects in the memorandum.
The Tribunal ruled that loans from salaried relatives with disclosed income and banking trails satisfy identity, creditworthiness and genuineness. The Section 68 addition was therefore unsustainable.
The Tribunal ruled that when all statutory documents are on record and unchallenged, section 68 cannot be invoked. Suspicion cannot substitute proof in share capital cases.
The dispute included disallowance under section 14A exceeding exempt income. The Tribunal upheld restriction of disallowance to the amount of exempt income and rejected a higher computation. The decision reinforces judicial limits on Rule 8D application.
ITAT held that employee stock option expenses are deductible as business expenditure. ESOP costs linked to employee compensation and revenue generation cannot be disallowed.
The Tribunal held that a clerical error in the tax audit report, later corrected through a revised report, cannot be the basis for disallowance under section 143(1). Automated adjustments must reflect correct facts.
The Tribunal ruled that an assessment based on a notice issued beyond the AO s pecuniary authority is unsustainable. Compliance with CBDT jurisdiction instructions was held mandatory.
The Tribunal held that unsecured loans cannot be treated as unexplained once lenders confirm transactions and respond to section 133(6) notices. Suspicion without evidence cannot justify section 68 additions.
