ITAT Kolkata allows Begpur Samabay Krishi Unnayan Samity Ltd. 80P(2)(d) deduction on Rs.28 lakh interest. Tribunal distinguished the Totgars SC ruling, holding that interest from deposits with a cooperative bank is eligible for deduction.
ITAT Kolkata remands 80P deduction appeal of Jotesriram Samabay Society back to CIT(A). The Tribunal orders fresh consideration of Rs.89 lakh interest income, stressing need for bifurcation and compliance with the Totgars SC ruling.
ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claimed by mistake, with full disclosure, does not constitute furnishing inaccurate particulars of income.
ITAT Kolkata remands the Rs.77 lakh Section 69A cash addition against Kulut Samabay Krishi Unnayan Samity Ltd. back to the CIT(A). New evidence on cash source and Section 80P claim to be examined; Rule 46A procedure is mandatory.
ribunal held that penalty under section 271B cannot be levied without books of account. Only penalty u/s 271A for non-maintenance applies, reduced from ₹1.5 lakh to ₹25,000.
Patna High Court held that seizure memo without recording mandatory ‘reason to believe’ as required under Section 110 of the Customs Act, 1962 is invalid and bad-in-law. Accordingly, order of confiscation is liable to be quashed.
ITAT Mumbai grants relief to a Rotary Trust, ruling a bona fide error in filing Form 80G instead of 12A justifies condonation of delay for re-registration and Section 11 exemption.
ITAT Mumbai rules that the principal component of a finance lease is a capital recovery, not taxable income. Surrendered depreciation requires exclusion of principal to avoid double taxation.
Andhra Pradesh High Court held that 5th Proviso to Rule 27(1) of the Special Economic Zone Rules, 2006 imposing export duty on supplies from Domestic Tariff Area [DTA] to Special Economic Zone [SEZ] is ultra vires. Accordingly, the proviso is struck down and petition is allowed.
Kerala High Court held that exemption from building tax u/s. 3(1)(b) of the Kerala Building Tax Act, 1975 granted as building is used for providing free accommodation to aged and disabled person rendering their services to the charitable/ religious institutions.
