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....
The Tribunal ruled that cash deposits arising from regulated liquor sales are a normal business incident. Where bank reconciliations explain the source, Section 69A cannot be invoked.
The addition on shares contributed to a family trust was deleted as the trust was exclusively for the benefit of relatives. Section 56(2)(x) does not apply where the statutory exemption conditions are satisfied.
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.
