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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...
ITAT Delhi held that payments made by an employees’ welfare society to members, including death claims and retirement benefits, must be set off against taxable interest income before computing taxable income.
The Tribunal held that failure to electronically file Form 10 as required under Section 11(2) can lead to denial of income accumulation benefits. The case was remanded to allow the assessee to seek condonation under CBDT guidelines.
The tribunal examined whether an appeal could be dismissed for non-compliance without considering the assessee’s explanation. It set aside the order and remanded the matter, directing the authority to decide the appeal afresh after granting a proper hearing.
The Delhi High Court upheld the ITAT s ruling that assessment orders were invalid because the approving authority granted Section 153D approval mechanically without examining the records.
ITAT Delhi held that gift of a property to wife specially when she is a co-sharer in the property cannot be considered to be a colourable device and camouflage transaction to taint claim of Section 54F of the Income Tax Act. Accordingly, deduction u/s. 54F erroneously disallowed.
The Tribunal held that reopening an assessment after four years is invalid when the assessee has fully disclosed all material facts during the original scrutiny. The reassessment was quashed for lack of new material evidence.
The issue was whether the entire bank deposits could be treated as unexplained income under Section 69. The tribunal held that deposits linked to business activity cannot be fully taxed and directed estimation of profit at 8%.
The tribunal examined whether penalties could continue when the fresh assessment order did not record satisfaction for initiating them. It ruled that absence of such satisfaction makes the penalties invalid in law.
The Tribunal examined whether penalty under Section 271(1)(c) can arise when income is added due to the deeming provision under Section 56(2)(vii)(b). It held that a stamp duty valuation difference alone does not establish concealment, so penalty cannot be sustained
The Tribunal held that mere generation of surplus from activities does not convert a charitable trust into a business entity. The key issue is whether the surplus is applied for charitable purposes, requiring fresh examination by the Assessing Officer.
