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The Tribunal considered reliance on investigation wing inputs alleging non-genuine entities. It ruled that adverse material must be shared with the assessee and corroborated through proper enquiry before sustaining additions.
The Tribunal reaffirmed that revision cannot be exercised merely because the PCIT holds a different view. When the Assessing Officer’s view is plausible and based on enquiry, the assessment cannot be branded as erroneous or prejudicial.
The Tribunal examined whether an assessment ignoring a clear mismatch between turnover and TCS data could survive. It held that absence of enquiry on such discrepancy renders the order erroneous and prejudicial, justifying revision.
Despite granting several chances to appear and explain delays, the Tribunal found no genuine effort by the appellant. Discretionary relief like condonation will not be extended where conduct shows indifference.
Mumbai ITAT ruled that Section 145A is a valuation provision, not a charging mechanism, and deleted a ₹38.26 lakh MODVAT/CENVAT addition, highlighting that proper accounting and reconciliation prevent artificial income.
The Tribunal ruled that a co-operative bank continues to be a co-operative society for the purpose of Section 80P(2)(d). Deduction was therefore allowed on interest income wrongly disallowed at the CPC stage.
The Tribunal ruled that a creditor’s write-off alone cannot trigger section 41(1) taxation. The assessee’s liability persisted in its books, and the ₹10.23 crore addition was deleted.
The tribunal ruled rental income from administrative buildings must be taxed under house property, not other sources, emphasizing consistent treatment across years. Key deductions for standard, sub-letting, and interest were allowed.
The Tribunal ruled that non-filing of returns, absence of audited books, and lack of donor details defeat the claim for exemption under Section 13A. Voluntary contributions thus became taxable, though Section 68 additions were set aside.
The Tribunal clarified that the institution existed solely for education and had no unrelated profit-oriented objects. Hence, the stricter test laid down in New Noble Educational Society did not apply.
