ITAT Bangalore held that delay in cash deposits, during demonetization, due to unforeseen circumstances like laxmi pooja and staff vacations post deepavali doesn’t imply fabricated income or an afterthought explanation. Hence, addition liable to be deleted.
ITAT Bangalore remands case for a fresh TP study, directing TPO to assess the applicability of MAP-determined ALP to transactions with non-US Associated Enterprises.
In the matter abovementioned ITAT Banglore held that interest earned by the assessee from the co-operative banks/commercial bank is considered under the head income from other sources, relief to be granted to the assessee u/s 57 in accordance with law.
ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh review.
ITAT Bangalore held that addition under section 69A towards cash deposits during demonetization deleted since cash deposit was made out of earlier withdrawals. Accordingly, appeal allowed and addition deleted.
ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarifying its classification under income tax laws.
The TPO, however, was not satisfied with the process of computation of PLI made by the Assessee. Accordingly, the TPO has treated the expenses incurred by the foreign AE as part of the operating expenses.
ITAT Bangalore upholds CIT(A)’s decision, stating that belated filing of Form 10 is a procedural lapse and doesn’t disqualify an institution from tax exemptions under Section 10(23C)(iiiac) and 11(2).
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
Bangalore ITAT remands case for reassessment of post-demonetization cash deposits by a bar & restaurant owner, directing AO to verify business income claims.
