Reassessment quashed by ITAT Bangalore as failure to pass a speaking order on objections violated mandatory procedure under Sections 147/148, rendering entire proceedings invalid in law.
ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not misconduct, proceedings closed under Rule 15(2).
The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory role, the CA cannot be held liable for misconduct.
The issue was whether a notice granting less than the statutory minimum time is valid. The tribunal held that giving less than 7 days violates mandatory provisions, rendering the notice and entire reassessment proceedings invalid.
ITAT Bangalore holds Rule 7B governs coffee income, not Rule 7, and remands case for segregation of own-grown vs purchased coffee. Clarifies 40% taxable business income and limits agricultural exemption.
The tribunal examined whether duty drawback should be taxed on accrual or actual receipt. It held that as per law, duty drawback is taxable only in the year of receipt, and additions based on accrual were unsustainable.
ITAT Bangalore rules skill development qualifies as education, allowing Sec 11 exemption to charitable trust. Rejects commercial activity view, follows Karnataka HC, and grants full tax relief.
Smt. Subbalakshmi Kurada Vs DCIT (ITAT Bangalore) In , the ITAT Bangalore deleted penalty under Section 271(1)(c), holding that mere disallowance or change in head of income does not amount to concealment or furnishing inaccurate particulars. The assessee had: Shown rental income partly as rent and partly as hire charges (under business income) Claimed Section […]
ITAT Bangalore upholds restricting TP adjustment only to AE transactions, dismissing Revenues appeal. Confirms capacity, working capital adjustments and consistency in forex/provision treatment.
The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion without mandatory approval renders the assessment void and unsustainable.
