Income Tax : ITAT held that where sales are not disputed, entire purchases cannot be disallowed. Only 15% profit element was taxed, reinforcing...
Income Tax : The Tribunal quashed reassessment proceedings as they were based on a mere change of opinion without any fresh tangible material. ...
Income Tax : The issue involved levy of late fees on TDS returns processed before statutory amendment. The Tribunal held that absence of enabli...
Income Tax : The Tribunal held that valuation without giving the assessee an opportunity to object violates natural justice. It remanded the ma...
Income Tax : The Tribunal condoned delay due to reasonable cause and addressed valuation mismatch. It remanded the issue for DVO-based reassess...
The disallowance of interest income was set aside as co-operative banks fall within the definition of co-operative societies. The ruling confirms full deductibility of such interest under Section 80P(2)(d).
The Tribunal held that interest earned by a co-operative society from investments with co-operative banks falls within Section 80P(2)(d). Such income is deductible, subject to verification of the source and bifurcation.
The Tribunal held that where reassessment is based solely on search material found during a third-party search, proceedings must be initiated under section 153C. Reopening under section 147 was held to be without jurisdiction and quashed.
The Tribunal held that corpus donations cannot be denied merely due to technical lapses like student collection or minor PAN errors. Donor intent and consistent treatment in books were sufficient to allow exemption under section 11(1)(d).
The Tribunal held that section 50C could not be applied where the sale consideration exceeded the value accepted by the stamp authority. A clerical error in departmental data could not justify substitution of sale value.
The tribunal held that assessments selected for limited scrutiny cannot include additions on unrelated issues without formal conversion to complete scrutiny. All such additions were set aside as being without jurisdiction.
The ITAT held that when reassessment is annulled for jurisdictional defects under the faceless regime, the connected concealment penalty cannot stand.
The issue was whether the appellate authority could bypass jurisdictional objections by remanding the case. The tribunal held that legal grounds striking at jurisdiction must be adjudicated first.
The Tribunal held that additions based solely on third-party GST information and suspicion cannot be sustained without independent investigation, restricting estimation to 1% of sales.
The Tribunal ruled that compensation and hardship allowance received during redevelopment are capital receipts and cannot be taxed as income from other sources.
