ITAT Chandigarh held that exemption u/s 11 & 12 cannot be denied in entirety to a charitable trust for interest-free advances to related parties. Only undue benefit under s.13(3) can be taxed. Matter remanded to AO.
The ITAT Guwahati has remanded the case of Somen Bhattacharjee back to the AO, ruling that a tax addition under Section 56(2)(x) for a property sale cannot be made without a mandatory DVO valuation.
ITAT Rajkot has quashed a PCIT’s order to tax interest on enhanced land compensation, holding it is part of compensation and not taxable as income from other sources.
The ITAT Kolkata deleted a double addition of Rs. 3.43 Cr, an ad-hoc expense disallowance, and a notional interest addition, finding the additions to be without legal basis.
ITAT Kolkata rules that a penalty under Section 271AAB cannot be levied if no search has been initiated on the assessee, even if a statement is made under Section 131.
The ITAT Agra has ruled that clerical errors and physical filing of Form 10B should not result in the denial of a trust’s tax exemption.
The ITAT Chandigarh rules a tax reassessment notice invalid because it was issued by a Jurisdictional Assessing Officer instead of a Faceless Assessing Officer.
The ITAT Kolkata upheld the deletion of a Rs. 20.25 Cr addition, confirming that unsecured loans received through banking channels were genuine after the lenders’ identities and creditworthiness were verified through their completed assessments.
The ITAT Kolkata quashed an assessment, ruling it was invalid because the scrutiny notice issued under Section 143(2) did not follow the format prescribed by the CBDT.
The ITAT Kolkata quashed a reassessment, ruling that the notice under Section 148 was issued beyond the permissible time limit, making the entire proceeding invalid.
