Judgement

The ITAT condones the delay in filing Form 10B and restores the Sections 11 and 12 exemption claim, holding that technical delays should not override the principles of justice.

ITAT Holds Technical Delays Should Not Override Principles of Justice; Condones Form 10B Delay 

ITAT Ahmedabad quashed the reassessment against the assessee for lack of nexus, deleting the Rs. 94.50 lakh addition as unsustainable in law and on facts.

Additions Based on Third-Party Statements Not Sustainable: ITAT

The Tribunal held that Section 144C is a complete code and it first requires the AO to issue a draft assessment order to the eligible assessee.

ITAT Delhi: AO Must First Issue Draft Assessment to Eligible Assessee Under Section 144C

The ITAT granted partial relief to Co-Op Bank by invalidating Section 154 rectification on a debatable STCG set-off issue and allowing deduction of bad debts written off in the normal course of banking business.

Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT

The tribunal held that there was no misreporting or underreporting of income, and in such a case, the penalty under section 270A of the Act cannot be levied.

ITAT: Section 270A Penalty Cannot be Levied If AO Fails to Specify Misreporting Clause

ITAT held that no penalty can be imposed under Section 271(1)(c) when the issue is legally debatable.

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ITAT Holds Technical Delays Should Not Override Principles of Justice; Condones Form 10B Delay

Additions Based on Third-Party Statements Not Sustainable: ITAT

ITAT Delhi: AO Must First Issue Draft Assessment to Eligible Assessee Under Section 144C

Taxpayer not required to prove irrecoverability for claiming bad debts written off from books: ITAT

ITAT: Section 270A Penalty Cannot be Levied If AO Fails to Specify Misreporting Clause

Section 271(1)(c) Penalty Unsustainable When Matter Is Legally Arguable: ITAT