Income Tax : The Tribunal held that taxing total gross winnings without examining expenditure and loss components violates principles of fairne...
Income Tax : The Tribunal held that additions under Section 69 cannot be sustained when based solely on third-party statements and unverified e...
Income Tax : ITAT held that a portion of cash paid could reasonably be sourced from accumulated withdrawals from joint bank accounts. The remai...
Income Tax : The Tribunal held that assumption of jurisdiction under Section 153C was invalid due to a defective and consolidated satisfaction ...
Income Tax : The Tribunal held that reassessment proceedings fail when the Assessing Officer abandons the issue forming the basis of reopening....
Whether cash deposited during demonetisation could be taxed in the society’s hands. Ruling & Takeaway: The Tribunal held that once cash is admitted to belong to members, no addition under section 68 can be made in the society’s assessment.
Whether interest earned on fixed deposits by a credit co-operative society qualifies for deduction under section 80P(2)(a)(i). Ruling & Takeaway: The Tribunal held that interest from depositing surplus business funds in permitted banks is attributable to the credit business and eligible for deduction.
Mumbai ITAT held that unexplained bank credits are fully taxable under Section 68 when beneficiaries of accommodation entries are not identified. Mere claim of acting as an entry operator does not limit addition to commission income.
The ITAT ruled that customer discounts are deductible when quantified and finalised in the year of claim, even if labelled as prior-period items. The decision reinforces that timing of crystallisation outweighs book classification.
The dispute centered on whether indexation could be claimed on a factory building sold along with land. The tribunal held that once depreciation is claimed, section 50 applies, and indexation is not permissible.
The Tribunal held that an appeal cannot be dismissed for non-prosecution and must be decided on merits. The matter was remanded for fresh adjudication in compliance with statutory requirements.
The Tribunal set aside the interest disallowance after noting that the underlying loan genuineness issue was already remanded for fresh adjudication, requiring reconsideration by the Assessing Officer.
The appellate order was quashed as the appeal was dismissed solely for non-appearance without examining the grounds or recording reasons. The case was remanded for fresh adjudication in line with statutory requirements.
The Tribunal held that exemption under section 11 cannot be denied once the delay in filing Form 10B stands condoned. The Assessing Officer was directed to verify and allow the exemption in accordance with law.
The Tribunal held that relief based on additional evidence without obtaining a remand report breaches Rule 46A(3). The matter was remanded for fresh adjudication after proper verification.
