The Income Tax Appellate Tribunal (ITAT) in Bangalore ruled that an individual’s right to claim Foreign Tax Credit (FTC) is substantive, and a delay in filing Form 67, a procedural requirement, cannot extinguish this right.
The ITAT Chandigarh confirmed the denial of Section 12A and 80G tax exemptions for the TIF Foundation, ruling that its primary activities of distributing awards and funding a chess association were inconsistent with its declared charitable objects of helping the needy.
ITAT rules that a co-op bank’s dealings with nominal members do not violate mutuality, allowing a deduction under Section 80P. It also clarifies rules for interest income from deposits.
The ITAT Ahmedabad has remanded a case involving Akshar Elecinfra Pvt. Ltd., ruling that the denial of an 80JJAA deduction was due to a technical portal glitch and not a substantive error.
The ITAT Ahmedabad reduced the estimated net profit rate for a milk retailer from 7% to 4.5%, finding the higher rate unrealistic for the business, and condoned a 101-day appeal delay.
ITAT Bangalore rules that interest on mandatory SLR/CRR deposits made by co-operative banks is eligible for Section 80P deduction, distinguishing it from surplus funds.
ITAT Pune cancels a ₹40,000 penalty on a co-operative society, citing a reasonable cause for non-compliance, including PAN issues and the COVID-19 pandemic.
The Raipur ITAT remanded the Omax Minerals tax case back to CIT(A) after finding that the company was denied a fair opportunity to be heard in a penalty proceeding. The ruling cites procedural irregularities.
ITAT Mumbai restored a trust’s 12A registration application after it was rejected for a 29-month delay, citing trustee’s illness as a reasonable cause for lapse.
The ITAT ruled that a short notice period of less than 15 days constitutes a violation of the principles of natural justice, and an appeal cannot be dismissed on such grounds, even if the taxpayer fails to attend.
