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Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
The Pune ITAT quashed a Section 263 revision, holding that interest earned by a credit society from deposits in co-operative banks qualifies for the Section 80P deduction as part of business income. The ruling affirms that the AO’s acceptance of the claim, being a plausible view based on precedents, cannot be set aside merely because the PCIT holds a different opinion.
The ITAT ruled that seized parallel Tally data, reflecting higher sales and income, constitutes reliable incriminating material, validating assessments made under Section 153A. The tribunal sustained additions for higher gross profit and unexplained credits after the taxpayer failed to disprove the parallel records’ accuracy, reinforcing the presumption under Section 292C.
The Supreme Court restored the ITAT’s order, ruling that a temporary lull in business due to the absence of a contract does not constitute cessation if the intention and efforts to continue (like correspondence and bidding) exist. The decision allows the non-resident company to claim business expenditure under Section 37(1) and set-off unabsorbed depreciation under Section 32(2).
ITAT Jaipur held that surrendered income during survey cannot be treated as unexplained income or money u/s. 69 & 69A of the Income Tax Act and tax in accordance with provisions of section 115BBE. The same has to be assessed to tax under ‘business income’.
The ITAT ruled that interest on enhanced compensation for the compulsory acquisition of agricultural land is fully exempt from income tax, citing Section 96 of the RFCTLARR Act, 2013. The Tribunal held that this special law overrides the general tax provisions (Sections 56 and 145A), deleting the entire Rs.97.44 lakh addition.
The ITAT Pune dismissed the Revenue’s appeal, ruling against additions for ICDS adjustments, provision reversals (including liquidated damages and project costs), and Section 40(a)(ia) disallowance. The Tribunal held that subsequent reversal of provisions cannot be taxed again if the original provision was disallowed in earlier years, thereby preventing double taxation and upholding consistent accounting treatment.
CESTAT Chennai held that DGCEI appointed as officers of Customs and hence authorize to demand differential duty in terms of section 28 of the Customs Act, 1962 during the material period and there was no infirmity in the SCN.
Assessee-company provided software-led IT and infrastructure management services. To facilitate its business, it entered into an End-User License Agreement (EULA) with SAP India Pvt. Ltd. for a non-exclusive, perpetual license to use SAP’s proprietary software and documentation. SAP India is a wholly owned subsidiary of SAP AG, Germany.
Adjudicating Authority had imposed a combined penalty under sections Sections 112, 114A, and 114AA without proper application of statutory provisions and directed reconsideration of penalty in accordance with law.
CESTAT Chennai held that the impugned order is liable to be set aside since declared assessable value of imported black pepper accepted. Accordingly, the appeal is allowed and penalties-imposed u/s. 112 and 114AA of the Customs Act quashed.
