The Supreme Court’s judgment highlights that strict compliance with the original Form 10-IC deadline is essential to avail Section 115BAA tax benefits.
ITAT Delhi remands an ex-parte CIT(A)/NFAC order for fresh adjudication, citing potential communication gaps in the faceless hearing regime.
ITAT Chandigarh held that Rs. 12 lakh cash deposits during demonetization, received from members of a cooperative society, cannot be treated as unexplained income. The appeal was partly allowed, and the addition was deleted.
Supreme Court dismissed petition, confirming that a college with valid 12AA registration is eligible for 80G approval under Income Tax Act.
The Tribunal rejected the appeal as the tax effect was below the ₹60 lakh threshold set by CBDT. The legal issue was kept open, with liberty to recall if an exception applies.
SC upheld the view that 148A(b) notices must specify information indicating escapement and cannot be used for preliminary fact-finding. The decision reiterates the mandatory separation between inquiries and show-cause notices.
The Tribunal held that the timing of loan disbursals and demonetization supported the assessee’s explanation. Key takeaway: partial relief granted by accepting most of the deposit as explained.
SC affirmed that income of liquor syndicates assessed as AOPs must be taxed in hands of those AOPs only, not their individual members, upholding High Court and ITAT rulings.
ITAT Chandigarh ruled that the CIT(A) is empowered to set aside and remand assessments made under Section 144 to the AO under Section 251(1)(a) of the Income Tax Act.
ITAT Chandigarh upheld CIT(A)’s order deleting AO’s additions on depreciation, excess stock, and gross profit, confirming machinery was in use and books were reliable.
