Club income not taxable if mutuality is proven: ITAT directs re-verification of cash deposits and identity of contributors/beneficiaries, setting aside an assessment based on the estimated 10% income addition.
ITAT Bangalore deleted a Rs.34.50 lakh addition u/s 69A, accepting the exporter’s explanation that cash deposits during demonetization were genuine customer advances for flowers, which were fully disclosed.
Bangalore ITAT condones 98-day delay and restores penalty appeals u/s 271D/271E, directing CIT(A) to re-examine the genuine nature of cash received and repaid to a paternal uncle for education.
ITAT allows employee TDS credit of Rs. 13.14 Lakh despite employer Dunzo’s deposit failure. Salary slips are sufficient proof; denial for employer’s default is rejected.
Bangalore ITAT grants S80P(2)(a)(i) deduction on interest from co-op society’s statutory investments, citing SC rulings that S80P must be interpreted liberally.
Assessee argued that the order was barred by limitation because it was not served within the prescribed time. AO countered this, claiming the order was dispatched via speed post on December 30, 2017, and had thus left the office within the deadline.
Bangalore ITAT deletes unexplained cash addition of Rs.2 lakhs for a student assessee, ruling the scrutiny itself violated CBDT Instruction No. 3/2017, which exempts individuals without business income from verification for deposits up to Rs.2.5 lakhs.
Bangalore ITAT in Suthakar Selvaraj vs. ITO deletes unexplained cash addition for a salaried employee, ruling that mere presumptions about cash withdrawal and re-deposit habits cannot be a basis for addition under the Income-tax Act when bank statements show sufficient withdrawals.
Late Mahabir Prasad (through L/H Mrs. Parul Kansaria) Vs DCIT (ITAT Bangalore) ITAT Bangalore Restricts Additions in Search Assessment – Statement Alone Not Incriminating- No Addition in Concluded Years Without Incriminating Material- Unaccounted Sales – Only GP Taxable, Not Entire Turnover Bangalore ITAT dealt with additions arising out of search proceedings in the A-One Steel […]
Bangalore ITAT cancelled a penalty u/s 271D on an 82-year-old for receiving Rs.10 lakh cash from a property sale, finding “reasonable cause” u/s 273B due to his bona fide belief and the transaction’s genuineness.
