Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT allowed the assessee's appeal and dismissed the Revenue's grounds. The Tribunal held that accumulated funds under s.11 were expended in prior assessment years and no accumulated balance remained for application in the year under assessment; the inadvertent inclusion in Schedule I of the ITR for AY 2018-19 resulted from a "punching error." The AO's disallowance, premised on Goetze-based treatment, was rejected because the assessee neither claimed a deduction in the return nor during assessment proceedings based on prior accumulated funds. Consequently, the addition for alleged non-utilisation of accumulated funds was set aside and the Revenue's challenge was dismissed.
ITAT allowed the assessee's appeal and dismissed the Revenue's grounds. The Tribunal held that accumulated funds under s.11 were expended in prior assessment years and no accumulated balance remained for application in the year under assessment; the inadvertent inclusion in Schedule I of the ITR for AY 2018-19 resulted from a "punching error." The AO's disallowance, premised on Goetze-based treatment, was rejected because the assessee neither claimed a deduction in the return nor during assessment proceedings based on prior accumulated funds. Consequently, the addition for alleged non-utilisation of accumulated funds was set aside and the Revenue's challenge was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
