ITAT Ranchi Judgments — July 2022

The Tribunal held that the disallowance was incorrect as the Explanation-5 to Section 43B, introduced by the Finance Act, 2021, was not applicable to the assessment years under consideration. The deposit before the return filing date was sufficient for deduction.

The Tribunal held that the disallowance was incorrect as the Explanation-5 to Section 43B, introduced by the Finance Act, 2021, was not applicable to the assessment years under consideration. The deposit before the return filing date was sufficient for deduction.

The Tribunal upheld the addition on the horticulture contract, finding that the assessee failed to provide sufficient details to justify the declared profit. However, the Tribunal allowed the deduction for interest income earned from the Jharkhand State Co-operative Bank, as it qualified under Section 80P(2)(d) of the Act.