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 case examines whether penalty applies when a deduction claim is disallowed. ITAT held that full disclosure and bona fide claim prevent penalty under Section 271(1)(c).
The case addressed whether agricultural income claims can be rejected due to lack of initial evidence. ITAT held that substantial supporting documents cannot be ignored and remanded the matter for fresh verification. The ruling emphasizes fair consideration of evidence.
The Tribunal upheld deduction of ESOP expenses under Section 37(1) by relying on binding jurisdictional High Court precedent. It ruled that prior judicial decisions in the assessee’s own case justified deletion of disallowance.
The case examined classification of bank interest earned by a credit co-operative society. The Tribunal ruled it is business income and not income from other sources. The decision allows full deduction under Section 80P(2)(a)(i).
