ITAT Bangalore reverses addition of ₹12 lakh under Section 68, accepting sales as the source of cash deposits made during demonetization by Raju Rajesh.
ITAT Bangalore sets aside AO’s decision in Qlik Tech International AB vs DCIT, addressing PE classification, TDS credit, and tax refund interest disputes.
Additional income offered by assessee on account of cash and excess stock is liable to be taxed as business income and not unexplained investment under section 69A at special rates of 115BBE.
Assessee had given cash to her employee who was the supervisor or the agent who in turn made payment to the sellers of the gold and therefore the same would not fall within the scope of section 40A(3) in view of the decision of Hon’ble Calcutta High Court in the case of S.K. Joynal Abedin v. CIT.
ITAT Bangalore held that that mens rea is not an essential condition for imposing penalties under civil acts. Penalty u/s. 270A of the Income Tax Act nowhere specifically refers necessity of presence of mens rea for levy of penalty. Accordingly, appeal of revenue allowed.
ITAT Bangalore remands MBM Developers Vs DCIT case for reassessment, directing the AO to verify income recognition and expense allocation.
ITAT Bangalore dismisses the appeal in Ramrao Mannaji Nandakumari Vs ITO after the assessee opts for settlement under Vivad Se Vishwas Scheme 2024.
ITAT Bangalore deletes AO’s protective addition in LM Wind Power case, citing settled MAP proceedings on IT fees and commission payments.
ITAT Bangalore remands case on interest income deduction u/s 80P(2)(a)(i) to AO, citing legal precedents. Tribunal finds errors in assessment and CIT(A) order.
ITAT Bangalore rules in favor of Neelamma, holding that the reassessment notice under Section 148 of the Income Tax Act was time-barred. Read full case details.
