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The Tribunal held that capital gains arising from property transferred to a spouse without consideration must be taxed in the transferor’s hands under Section 64(1)(iv). Reassessment was invalid as the income had already been taxed in the husband’s return.
The ITAT held that interest earned by a co-operative credit society on bank deposits qualifies as business income. Such income is eligible for deduction under Section 80P(2)(a)(i).
The Tribunal confirmed the jurisdictional validity of reassessment based on new information. However, the addition was restored to ensure compliance with principles of natural justice and Section 250(6).
The Tribunal ruled that when purchases are disallowed as non-genuine without questioning the source of payment, section 69C cannot be invoked. A plausible disallowance under section 37(1) cannot be revised under section 263 merely to change the charging provision.
The Supreme Court held that compensatory allowances form part of “ordinary wages” for overtime calculation. Executive circulars cannot override the clear mandate of Section 59(2).
Holding Section 54F to be a beneficial provision, the Tribunal applied settled judicial principles to allow exemption where substantive conditions were met, directing deletion of the capital gains addition.
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.
The High Court held that an addition for unexplained investment cannot rest solely on an unsigned and unexecuted agreement. The key takeaway is that Section 69 requires concrete evidence of actual payment, not assumptions drawn from incomplete documents.
Punjab and Haryana High Court held that transfer of case from Chandigarh to Panaji under section 127 of the Income Tax Act to centralize the assessment of all connected or linked persons at one place is justifiable. Accordingly, the present petition is dismissed.
