ITAT Patna Judgments — December 2021

The Tribunal noted that the assessee had applied under the Vivad Se Vishwas Scheme and decided not to keep the appeals pending. The appeals were dismissed with a liberty to the assessee to seek recalling of the order if the scheme application fails.

The Tribunal noted that the assessee had applied under the Vivad Se Vishwas Scheme and decided not to keep the appeals pending. The appeals were dismissed with a liberty to the assessee to seek recalling of the order if the scheme application fails.

The Tribunal noted that the assessee had applied under the Vivad Se Vishwas Scheme and decided not to keep the appeals pending. The appeals were dismissed with a liberty to the assessee to seek recalling of the order if the scheme application fails.

The Tribunal held that the trust was created for the benefit of specified deities who were the sole beneficiaries, and their shares were determinate (equal). Therefore, Section 164 of the Income-tax Act, which mandates taxation at the maximum marginal rate for AOPs with indeterminate shares, was not applicable.

The Tribunal decided to adjudicate the legal issue raised by the assessee regarding the validity of reopening the assessment. The assessee argued that the reopening after four years was invalid as the conditions in the first proviso to Section 147 were not met.

The Tribunal held that the initial disallowance of depreciation in the original assessment was a mistake apparent from the record, correctly rectified in the first 154 order. The addition of interest income was upheld as the FDR purpose was not established. The profit rate issue was not properly arising from the second 154 order.

The Tribunal condoned the delay in filing the appeal and accepted the assessee's request for a fresh opportunity. The CIT's order was set aside, and the matter was remanded for fresh consideration.