ITAT Weekly Round-Up: 4 To 10 August 2024

Case Title: Adani Petronet Versus AO

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition of employees contribution towards the National Pension System (NPS) as the contribution towards NPS made prior to filing of the return.

Additions U/s 69C On Account Of Excess Stock Can't Be Based On Third Party Statements Alone Without Any Corroboration: Delhi ITAT

Case Title: Mahavir Transmission Ltd Verses DCIT

The New Delhi ITAT deleted the additions made u/s 69C on account of excess stock found during survey, after finding that those additions were solely based on the statements recorded of third parties, without any corroborative evidence of unaccounted sales.

Bangalore ITAT Grants TCS Credit To IMFL Dealer Even Though License Was In Name Of Another Person

Case Title: M/s Dolphin Bar and Restaurant verses DCIT

Referring to the case of Million Traders Bhopal Pvt. Ltd. vs. ADIT [ITA Nos. 124 & 125/Ind/2023], the Bangalore ITAT allowed TCS credit to the entity conducting the business of IMFL, irrespective of the fact that the license was in the name of another person.

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT

Case Title: The Khedbrahma Taluka Primary Teachers Co-operative Credit Society Limited verses Income Tax Officer

The Ahmedabad ITAT allowed deduction u/s 80P(2)(d) on interest income earned from deposits with Co-operative Banks.

Absence Of Diligence On Part Of Applicant Would Disentitle It To Benefit Of Condonation Of Delay As Per Sec 249(2): Pune ITAT

Case Title: M/s Bhujbal Construction Company Verses Income Tax Officer

Finding that the assessee has not shown any action or vigilance for a period of more than five years after the assessment order was served upon it, the Pune ITAT held that such inaction and want of diligence on part of applicant would disentitle it to the benefit of Sec 249(2) in condoning the delay.

'Unsecured Loans' Can't Be Treated As Income U/s 68 Once Legitimacy Of Credits Stands Proved: Ahmedabad ITAT

Case Title: DCIT vs. Tripoli Management

Referring to the decision in case of Commissioner of Income-tax, Rajkot-I vs. Ayachi Chandrashekhar Narsangji, the Ahmedabad ITAT reiterated that no addition should be made u/s 68 as well as section 69C, if the repayment of loans is accepted by the department in subsequent years.

Requirement Of Filing Audit Report In Form 10B Is Only Procedural: Delhi ITAT Grants Exemption To Educational Trust U/s 11

Case Title: Shambhu Dayal Modern School vs. ITO

The New Delhi ITAT held that non uploading of Form 10B within the date prescribed under the Income tax Act would not be fatal to the claim of exemption u/s 11.