ITAT Bangalore cancels ₹2.20 lakh penalty on Rajiv Duseja for cash loans from family. Cites precedents on genuine transactions & reasonable cause.
ITAT Bangalore held the imposition of penalty under section 270A of the Income Tax Act is not sustainable since charge of under reporting or mis-reporting not clarified. Thus, penalty cannot be imposed in a light hearted manner or in routine manner.
ITAT Bangalore held that provisions of section 115JB of the Income Tax Act cannot be applied to assessee bank and consequently the tax on book profits (MAT) are not applicable to assessee bank. Accordingly, appeal of the assessee bank allowed.
The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf of the assessee) and Mr. K. Hussain Abbas (on behalf of the HNGC Builders and Developers).
ITAT Bengaluru partly allows assessee’s appeals for AY 2011-12 & 2012-13, deleting addition under section 69A for recorded loan repayments.
ITAT Bangalore allows appeal, deleting addition for demonetization cash deposit, accepting claim of mother’s savings as source. (159 Characters)
Provisions of Section 44AB, which mandate Tax audit, are not applicable to fictional income provisions like Section section 68, 69, 69A, 69B, 69C& 69D
ITAT Bangalore deletes additions under Section 69 citing presumptive taxation under Section 44AD and lack of supporting evidence by the AO.
ITAT Bangalore sends Light Ray Advisors LLP’s dividend exemption claim back to AO for re-examination, noting potential oversight of filed documents.
ITAT Bangalore upheld CIT(A)’s acceptance of additional evidence in local language, dismissing AO’s addition under Section 69A. Read the case details here.
