S. 80G : Donation-Welfare trust-38.53% of income was spent on religious activities, exceeding the 5% limit, and it failed to provide evidence of charitable activities like education or health-Rejection of application by CIT(E) was justified.[S.80G(5)(iii)]
S. 80G: Donation-Corporate Social Responsibility (CSR) funds-Eligible for deduction.
S. 80G: Donation-Rejection of application-Claimed exemption in earlier years-Claiming exemption in prior years does not debar a trust from seeking approval under section 80G(5)-Rejection order was quashed. [S.11, 80G(5)(iv)(B)]
S. 74: Losses-Capital gains-Tax resident of Mauritius-Sale of shares acquired before 01.04.2017-Grandfathered sale-Non-grandfathered sale-Both transactions were distinct; assessee was entitled to claim carry forward of long-term capital loss to subsequent years-Dividend income can’t be adjusted against long-term capital loss carried forward. DTAA-India-Mauritius.[S.56, 90, 245R, Art, 13 (4)]
S. 69C: Unexplained expenditure-Renovation of residential house-Addition was to be restricted to 25 per cent of the net differential between accounted payments and estimated gross renovation cost.
S. 69C: Unexplained expenditure-Brokerage payment-Loose paper-Recovered from the partner of the firm-Order of CIT(A) deleting the addition was affirmed. [S. 132,153C]
S. 69A : Unexplained money-Accommodation entries-long-term capital gains-Accommodation entries-Penny stock-Reassessment was affirmed-Addition was deleted on merits. [S.10(38), 45, 147, 148]
S. 69A: Unexplained money-On money-Sale of flats-Uncorroborated document-WhatsApp chat-No independent supporting evidence-Order of CIT(A) deleting the addition was affirmed.[S. 43CA, 153C]
S. 68: Cash credits-Cash deposits-Demonetization-Proved sales with VAT returns, stock records, supplier confirmations-Books of account not rejected-Addition was deleted. [S. 145(3)]
S. 68: Cash credits-Unsecured loan-Additional evidence –Interest paid to related parties-Denial of exemption-Matter remanded to the Assessing officer-corpus without written direction from donor, same would not qualify as corpus under section 11(1)(d).[S.11(1)(d), 13, ITAT R. 29]