Limitation for reassessment notice - Digital issuance of notice under section 148 Validity of reassessment notice dated 31.03.2021, digitally issued through email on 01.04.2021, after expiry of the applicable limitation period - HELD THAT: - The email record showed that, though dated 31.03.2021, the notice under section 148 was digitally issued on 01.04.2021. Following Suman Jeet Agarwal and Other vs. Income Tax Officer, Ward 61(1) & Ors. [2022 (9) TMI 1384 - DELHI HIGH COURT] the Tribunal he... ... ...

Exemption of BSNL VRS retrenchment compensation - Appellate admission of claim omitted from return Eligibility of ex-gratia retrenchment compensation received under BSNL Voluntary Retirement Scheme, 2019 for exemption under section 10(10B), notwithstanding that the claim was not made under that provision in the return and was rejected in rectification proceedings - HELD THAT: - The Tribunal followed the co-ordinate Bench decision in the assessee's own case [2026 (8) TMI 1335 - ITAT BANGAL... ... ...

Denial of Foreign tax credit for taxes paid in the USA - delay in furnishing Form No. 67 under Rule 128(9) HELD THAT: - Hon'ble Madras High Court in Venkatanarayanan Somayaji Lakshminarasimha [2025 (5) TMI 214 - MADRAS HIGH COURT] held that delay in filing Form No. 67 is only a procedural lapse which can be condoned and thus, FTC cannot be denied for delay in filing Form No. 67. Rule 128(9), as applicable for the relevant year, prescribed the time for furnishing Form No. 67 but did not pro... ... ...

Allowability of commission expenditure supported by documentary evidence - Unexplained cash credit - discharge of initial burden - Business expenditure-customary lorry tips and refreshment expenses Commission expenditure disallowance - commission recipient did not respond to a notice under section 133(6) - HELD THAT: - The assessee had furnished the recipient's tax particulars, GST records, TDS particulars and evidence of payment through banking channels. Non-compliance by a third party w... ... ...

Assessment on amalgamated non-existent entity - Incurable jurisdictional defect in assessment Validity of assessment framed in the name of State Bank of Mysore after its amalgamation with State Bank of India - HELD THAT: - Upon amalgamation, the transferor entity loses its separate legal existence; an assessment made thereafter in its name is consequently without jurisdiction and void ab initio. AO had expressly recorded the amalgamation and was aware that the erstwhile bank had ceased to exi... ... ...

Receipt of immovable property u/s 56(2)(x) - Supplementary agreement and pre-existing property rights Applicability of section 56(2)(x) to a supplementary agreement relating to a residential property already acquired under an earlier principal agreement - HELD THAT: - Section 56(2)(x) requires receipt of an immovable property during the relevant previous year. Execution and stamp-duty valuation of an instrument do not, by themselves, establish such receipt. Revenue did not establish that t... ... ...

Unexplained cash credit based on capital-account reconciliation - Cash deposits from disclosed professional receipts - Cost of acquisition on partition of Hindu undivided family property - Set-off of long-term capital loss against long-term capital gain - Registered property sale consideration as unexplained cash credit Unexplained cash credit based on capital-account reconciliation - Addition for alleged unexplained increase in capital based on comparison of capital balances of non-consecuti... ... ...

Denial of exemption u/s 11 - Charitable purpose - sponsorship receipts from women's marathon - Proviso to section 2(15) - trade, commerce or business - Audit report for charitable exemption - procedural lapse Charitable purpose - sponsorship receipts from women's marathon - Proviso to section 2(15) - trade, commerce or business - Section 13(8) - consequential denial of exemption - Applicability of the proviso to section 2(15) and section 13(8) to sponsorship received for a women's... ... ...

Unexplained cash credits - proof of identity, creditworthiness and genuineness of corporate loans - Unexplained expenditure-presumptive commission for accommodation entries without evidence - Unexplained money - repayment of old loans through banking channels - Bogus purchases - absence of evidentiary basis Unexplained cash credits - proof of identity, creditworthiness and genuineness of corporate loans - Addition of unsecured loans from corporate lenders as unexplained cash credits despite d... ... ...

Notional rental income on unsold flats held as stock-in-trade - Prospective operation of deemed rental income provision for unsold stock-in-trade - Resolution of conflicting High Court decisions in favour of the assessee Taxability of deemed rental income from unsold flats held by a real-estate developer as stock-in-trade for Assessment Year 2017-18 - HELD THAT: - The provision for assessing deemed rental value of unsold stock-in-trade was introduced with effect from 01.04.2018 and applies fr... ... ...

Reassessment notice - approval of specified authority after three years - Jurisdictional validity of reassessment Validity of reassessment for assessment year 2018-19 where approval for issuing notice after expiry of three years from the end of the relevant assessment year was granted by the Principal Commissioner instead of the authority specified u/s 151(ii) - HELD THAT: - Sanction of the authority specified under section 151 is a precondition to assumption of jurisdiction for issuing a rea... ... ...

Deduction of interest income from co-operative banks u/s 80P - Interest on savings accounts as investment income Deduction u/s 80P(2)(d) in respect of interest earned by a co-operative housing society from deposits and savings accounts maintained with co-operative banks- HELD THAT: - The Tribunal followed the earlier orders in the assessee's own case. Section 80P(2)(d) covers interest derived from investments with another co-operative society, including a co-operative bank; the expression... ... ...

Unexplained money addition for purchase of immovable properties - Source of investment in immovable properties - HELD THAT: - The assessee had furnished agreements to sell, cash-flow statements corroborated by bank statements, family income-tax returns, loan confirmations, sale deeds, and booking confirmations with cheque-payment details. These documents explained the facets and sources of the property transactions and established their legitimacy; consequently, the addition could not be sust... ... ...

Deduction of interest income from co-operative banks under section 80P(2)(d) - Entitlement of a co-operative housing society to deduction under section 80P(2)(d) in respect of interest income earned from co-operative banks - HELD THAT: - The Tribunal found that the identical claim had been allowed in the assessee's own cases for earlier assessment years. As no distinguishing facts for the relevant assessment year were brought on record, the earlier decisions were followed. [Paras 8] The A... ... ...

Unexplained expenditure-requirement of unexplained source u/s 69C - Source of expenditure established through bank payments Addition as unexplained expenditure where excess payments were made through bearer cheques from the assessee's bank accounts but exceeded the purchases and expenses claimed - HELD THAT: - Section 69C applies where the assessee offers no satisfactory explanation regarding the source of expenditure. The assessment order itself recorded that the payments were made th... ... ...

Limitation for sale of attached immovable property - Retrospective application of extended limitation - Quasi-judicial functions of Tax Recovery Officer Limitation for sale of attached immovable property - Retrospective application of extended limitation - Applicability of the extended seven-year period for sale of attached immovable property to demands arising from assessment years 2007-2008 to 2009-2010 - HELD THAT: - An amendment extending a period of limitation, being procedural, ordinari... ... ...

Doctrine of merger of interlocutory orders in final appellate order - Maintainability of writ petition against merged recall order Maintainability of the writ petition challenging the Appellate Tribunal's recall order after the Tribunal had passed its final order in the appeal - HELD THAT: - The Court held that, upon passing of the final order, all prior orders merge into that final order. Consequently, the recall order ceased to have an independent existence. As the final order had been ... ... ...

Corpus donation exemption - specific written direction of donor - Interest on fixed deposits - diversion of income and application of income Taxability of interest on bank fixed deposits credited to a sustainable fund and claimed to be held by the trust as custodian for Self-Help Groups - HELD THAT: - Interest earned on investment of funds constitutes income of the trust. Exemption available to corpus contributions requires a specific written direction from the donor; correspondence permittin... ... ...

Cash credit u/s 68 - unexplained foreign investment in shares and compulsorily convertible debentures - Procedural fairness in assessment proceedings Cash credit u/s 68 - unexplained foreign investment in the assessee's shares and compulsorily convertible debentures - HELD THAT: - The concurrent findings of the appellate authorities established, on material on record, the investment-cum-collaboration arrangement, the foreign investors' status in their respective jurisdictions, the inw... ... ...

Deductibility of actuarial-deficit contributions to approved superannuation fund - Rule 87 ceiling on ordinary annual contributions Deductibility of contributions made to the approved Superannuation Fund to bridge an actuarially determined deficit, notwithstanding the ceiling prescribed for ordinary annual contributions - HELD THAT: - The character of a contribution depends upon its purpose and not upon the number of years over which the deficit is addressed. Ad hoc interim payments made to a... ... ...