Loading...
ITAT held that an assessment completed by a non-jurisdictional AO without a valid transfer order under section 127 is void ab initio. Section 292BB cannot cure lack of jurisdiction.
ITAT Ahmedabad held that a composite religious-cum-charitable trust is not disqualified from 80G(5) approval merely due to a religious object, provided religious expenditure stays within prescribed limits.
Mumbai ITAT held that section 234C interest cannot be levied when advance tax was debited from the assessee's account on the due date. Delay in challan generation due to banking processing is not attributable to the assessee.
Calcutta HC held that documented traceability through PAN, ITRs, audited financials, and banking channels prevails over subjective suspicion. NRA Iron and Steel ratio does not apply to traceable, active investors.
Delhi ITAT held that a gift deed executed as part of a family settlement among HUF members is not a "transfer" under Section 2(47) and not liable to tax as deemed income under Section 56(2)(vii)(b).
ITAT Ahmedabad held that an addition under Section 69A cannot be sustained on diary notings found during a search on a third party, where no corroborative evidence links the assessee to the alleged transactions.
ITAT Dehradun held that the enhanced exemption limit of ₹25,00,000 under Section 10(10AA) per Notification No. 31/2023 applies to non-Government employees including public sector bank retirees. CPC adjustments restricting exemption to ₹3 lakh are unsustainable.
Mumbai ITAT held that once the jurisdictional HC quashes a 143(1)(a) intimation qua ICDS adjustment, the foundation for the addition ceases to exist and the 143(3) assessment must be modified consequentially.
ITAT Pune held that Section 54F(4) CGAS deposit is not mandatory when the entire sale consideration has already been invested in a residential property within the statutory period. Procedural non-compliance cannot override substantive compliance.
ITAT Delhi held that the AO cannot adopt FMV for capital gains under Section 45(2) while using book value as cost for business income on sale of the same stock-in-trade. Same value must apply consistently.
While our blog provides valuable insights, sometimes you need tailored accounting advice for your specific business.
Get Expert Consultation