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Assessment — Adjustment — ICDS adjustment — Issue of show cause notice before making adjustment — Show cause notice issued proposing to make adjustment on three issues — No prior show cause notice issued for making huge ICDS adjustment — No opportunity of being heard provided to the assessee — Breach of principles of natural justice — Impugned adjustment to be quashed and set-aside.

Despite the income being exempt, upon the turnover exceeding the specified amount, the requirement of getting the statutory audit done and obtaining the required audit report u/s 44AB of the Act in Form-3CD is mandatory.

Rebate granted to the assessee, pursuant to contractual terms, does not constitute real income.

Date of allotment is paramount for considering deduction under section 54, and possession of property has, ipso facto, no effect on claim of deduction under section 54. Deduction under section 54 is allowable in respect of an investment made in booking of a flat under construction one year before the date of transfer of the original asset, even though the scheduled date of completion of the flat booked was beyond three years from the date of transfer of the original asset.

The procedural requirement of filing Form No.10DA is directory in nature, and mere delay in filing does not warrant denial of the deduction claimed in the return of income.

The revised notification enhancing the ceiling of exemption under section 10(10AA)(ii) to Rs. 25 lakhs operates only from 01.04.2023, and the benefit of the enhanced limit does not apply to employees who had retired earlier.

Where a tenant received a residential flat on the redevelopment of property in lieu of surrendering tenancy rights, the value of such flat cannot be assessed as income from other sources under section 56, since tenancy rights constitute a capital asset Therefore, its surrender is chargeable to tax as capital gains, and the assessee is eligible to claim exemption under Section 54F.

Merely because one of the objects in the trust deed was “advancement of any other object of general public utility”, or that the receipts from an activity exceeded the 20% threshold, it could not, by itself, be decisive to deny registration under section 12AB unless CIT(E) examined the actual activities carried on by the trust and determined under which limb of Section 2(15) the activity would fall, and whether the receipts were independent commercial receipts or were merely incidental and ancillary to attainment of the objects.

Where the assessee-trust was generating receipts from certification fees, membership fees and training programmes which were incidental to its main object of imparting education and skill development, and the assessee was not engaged in profit maximisation or charging disproportionately high fees, the activities could not be regarded as commercial activities but fell within “education” and were not hit by proviso to section 2(15).

Cash deposits – Source explained as advance received under agreement to sell agricultural land and agricultural income – Unregistered agreement supported by affidavits – No requirement of registration for such agreement – Affidavits not rebutted – Explanation held reasonable – Addition deleted.

Additions based on loose sheets/excel data seized during search – Assessee being a salaried employee with no business activity – No ownership or nexus of entries established – Entries found to be group financial projections and borrowings – No corroborative evidence or unexplained assets – Additions deleted.

Articles 5 and 7 of India-Netherlands DTAA – Consideration received for the use of a digital platform hosted outside India by users to book accommodation did not constitute a fixed or dependent agent permanent establishment.

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