Karnataka High Court held that rejects arbitral award since the HDFC Bank’s claim was barred by limitation. Also held that failure of the Arbitral Tribunal to reject the claim on the said ground, is foundational and vitiates the impugned award by patent illegality on the face of the record.
The Tribunal partly allowed the Revenue’s appeal by holding that interest incurred on borrowings used for project development must be capitalised. Absence of evidence showing alternative use of funds justified capitalization.
Kerala High Court held that Bank is not required to deduct TDS on interest paid to senior citizen who has provided Form 15H. Accordingly, Bank cannot be considered as assessee in default for non-deduction of such TDS.
ITAT Bangalore rules that Section 80P deductions cannot be claimed if the return is filed after the due date. The decision reinforces compliance with Section 80AC(ii) and aligns with Madras HC precedent.
ITAT Bangalore directs reassessment with full hearing for an agriculturist after procedural lapses in notices and missed hearings. The ruling emphasizes the importance of fair opportunity under Sections 148 and 144B.
ITAT Visakhapatnam held that unexplained cash credit under Section 68 must be netted off against business income to prevent double addition. The ruling ensures accurate assessment and fair taxation.
Cash deposits were rightly taxed as unexplained money when the assessee failed to discharge the primary burden of proof. Absence of contemporaneous evidence defeats claims of redeposit of cash.
ITAT Chennai held that the matter of buyback through High Court approved scheme of arrangment remitted back for verification of NAV valuation under rule 11UA and also to analyize applicability of section 115QA. Accordingly, appeal restored back.
The ruling clarifies that Section 153(3)(ii) operates as an exception to the normal limitation framework. When assessments are made to give effect to appellate directions involving special audits, no fixed time limit applies.
ITAT Jaipur held that claim on account of provision of future expense is allowable under section 37(1) of the Income Tax Act as per matching principle of accountancy. Accordingly, appeal is allowed.
