ITAT Allahabad Judgments — August 2022

The Tribunal held that the assessee failed to discharge its onus under Section 68 to explain the identity, creditworthiness, and genuineness of the fresh deposits. Consequently, the addition made by the CIT(A) was upheld.

The Tribunal held that setting up a new claim for exemption under Section 10(23C)(iiiad) for the first time through a rectification application under Section 154 is not permissible. The Tribunal also referred to a Supreme Court judgment stating that a revised return cannot be used to introduce an entirely new claim.

The Tribunal held that setting up a new claim for exemption under Section 10(23C)(iiiad) for the first time through a rectification application under Section 154 is not permissible. The Tribunal also referred to a Supreme Court judgment stating that a revised return cannot be used to introduce an entirely new claim.