Judgement

Tribunal finds that the Rs. 6.45 lakh loan difference related to past years and that the assessee proved identity, creditworthiness and genuineness for Rs. 16 lakh fresh loans.

ITAT Deletes Section 68 Additions on Unsecured Loans; Holds Difference in Father-Son Loan Balance Not Taxable

ITAT Deletes Section 68 Additions on Unsecured Loans; Holds Difference in Father–Son Loan Balance Not Taxable

Tribunal finds Revenue failed to rebut documentary evidence; violation of natural justice and unsupported assumptions cannot sustain additions.

Section 68/69C Addition: Once repayment through account-payee cheque is established, burden on Revenue to disprove transaction

Tribunal holds that providing AI-enabled pro bono tools to courts enhances access to justice and qualifies as “charitable purpose”

ITAT Mumbai Grants Section 12AB & 80G Registration to Foundation providing pro-bono AI-Based Judicial Support

Tribunal holds that policy-advocacy and trade-promotion objects fall under “general public utility”; rejects CIT(E)’s view that activities benefit only members

Trade-promotion bodies qualify as charitable institutions, as long as their dominant purpose is not profit-making: ITAT

News

CBDT has urged all taxpayers to report their foreign income or Assets in their Income Tax Returns (ITRs) for the FY 2024-25 via its second phase of NUDGE.

CBDT Urges Taxpayers to Disclose Their Foreign Assets or Income in ITRs for FY 2024-25 

The Tribunal noted that Preity has not gained any profit from these transactions, and the transaction has just discharged the liability of the assessee from one entity to another.

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ITAT Deletes Section 68 Additions on Unsecured Loans; Holds Difference in Father–Son Loan Balance Not Taxable

Section 68/69C Addition: Once repayment through account-payee cheque is established, burden on Revenue to disprove transaction

ITAT Mumbai Grants Section 12AB & 80G Registration to Foundation providing pro-bono AI-Based Judicial Support

Trade-promotion bodies qualify as charitable institutions, as long as their dominant purpose is not profit-making: ITAT

CBDT Urges Taxpayers to Disclose Their Foreign Assets or Income in ITRs for FY 2024-25

ITAT Mumbai Clears Preity Zinta in Rs 10.84 Crore Tax Dispute