Judgement

ITAT held that delay in filing Form 10B during the COVID period was a procedural lapse and directed the grant of Sections 11 and 12 exemption.

ITAT Directs Grant of Section 11 Exemption Despite Late Filing of Form 10B

ITAT remanded the matter to the AO for fresh verification, citing possible duplication in additions made on bank credits and alleged accommodation entries.

Entire credit entries appearing in bank without considering debit entries cannot be taxed as Cash Credits: ITAT

ITAT Mumbai ruled that tax authorities cannot arbitrarily apply a higher presumptive income rate when a taxpayer has correctly declared income under Section 44AD.

No Arbitrary Higher Tax Can Be Imposed When Presumptive Income Is Properly Declared: ITAT

It was observed that profits from one client were shifted to another by changing the codes. This suggested that there was no punching mistake but a deliberate attempt.

ITAT Upholds Addition Due to Non-Genuine Client Code Modifications

The ITAT Bangalore held that interest earned from temporary surplus funds is business income eligible for Section 80P deduction, not “income from other sources".

Interest earned by Cooperative society from temporary deployment Surplus business Funds eligible for Section 80P Deduction: ITAT

News

The IT Department has replaced old Form 49B with new Forms 134 and 135 to simplify the TAN application process.

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ITAT Directs Grant of Section 11 Exemption Despite Late Filing of Form 10B

Entire credit entries appearing in bank without considering debit entries cannot be taxed as Cash Credits: ITAT

No Arbitrary Higher Tax Can Be Imposed When Presumptive Income Is Properly Declared: ITAT

ITAT Upholds Addition Due to Non-Genuine Client Code Modifications

Interest earned by Cooperative society from temporary deployment Surplus business Funds eligible for Section 80P Deduction: ITAT

Applying for TAN? Here’s What’s Changed with the New Forms