The ITAT ruled that unaccounted receipts from known business debtors can’t be taxed as unexplained money under Section 69A, granting relief to an assessee.
Learn about the ITAT Mumbai’s ruling in the P&G case, which found that reimbursement for ESOP and ISOP plans is a deductible business expense, not a capital or contingent expense.
Punjab & Haryana HC rules ITC cannot be blocked beyond 10% of tax demand at interim stage. Refers to K.J. International and divergent High Court views.
The ITAT, Pune, rules that a clerical error in a trust’s registration application is a rectifiable mistake. The tribunal directs the CIT (Exemption) to reconsider the application on its merits, setting a precedent for similar cases.
ITAT Mumbai rules that the AO’s view on CSR expenditure being allowable under Section 80G is plausible, setting aside a Section 263 revision due to the debatable nature of the issue.
ITAT Mumbai deletes a ₹1.69 crore addition under Section 69A against Parth Ajit Pawar. The ruling emphasizes that a third-party statement without cross-examination and corroborating evidence is not valid for making additions.
ITAT Bangalore rules that a trust’s 12AB registration application cannot be rejected for a curable technical error in the section code, directing the CIT(E) to reconsider the application on its merits.
ITAT Bangalore mandates that the CIT(E) must provide taxpayers a fair hearing and apply independent judgment, not just rely on subordinate reports, when assessing Section 12AB and 80G applications.
ITAT Mumbai rules that fiduciary journal transfers without cash flow cannot be taxed as unexplained cash credits under Section 68, supporting taxpayers in similar situations.
ITAT Pune held that interest income earned by cooperative society on deposits made out of surplus funds with cooperative banks qualifies for deduction under the provisions of section 80P(2)(a)(i). Accordingly, appeal of assessee allowed.
