Judgement

Tribunal Upholds 0.25% Corporate Guarantee Fee as Arm’s Length and Allows Employee Welfare School Donation as Business Expenditure

ITAT Rules Sale of Carbon Credits as Non-Taxable Capital Receipt; Deletes Major Additions

Accumulated income under Section 11(2) held validly applied where expenditure is wholly towards charitable educational purposes

ITAT Allows Application of Accumulated Funds Spent on Educational Objects; Procedural Lapse Not Fatal

ITAT Delhi dismisses Revenue appeal and partly allows assessee’s cross objection, quashing reassessment on jurisdictional and sanction defects

Reassessment Invalid as Notices Issued by Jurisdictional AO Instead of Faceless Authority: ITAT

ITAT Quashes Reassessment as AO Made New Addition Without Assessing Escaped Income Cited in Reasons for Reopening

Reassessment Invalid Where No Addition Made on Recorded Reasons; Section 40A(3) Addition Unsustainable

ITAT held that a co-operative society is entitled to a deduction under Section 80P(2)(d) on interest income earned from investments made with other co-operative societies.

Deduction u/s 80P Cannot Be Denied If Investment Is with Co-operative Society: ITAT Rules

Reopening the assessment after several years without new proof was held to be unfair and invalid, says ITAT.

Explore Our Blogs

Stay updated with the latest insights, tips, and industry trends from our experts

ITAT Rules Sale of Carbon Credits as Non-Taxable Capital Receipt; Deletes Major Additions

ITAT Allows Application of Accumulated Funds Spent on Educational Objects; Procedural Lapse Not Fatal

Reassessment Invalid as Notices Issued by Jurisdictional AO Instead of Faceless Authority: ITAT

Reassessment Invalid Where No Addition Made on Recorded Reasons; Section 40A(3) Addition Unsustainable

Deduction u/s 80P Cannot Be Denied If Investment Is with Co-operative Society: ITAT Rules

Validity of Notice u/s 148: ITAT Quashes Reassessment for Lack of New Evidence