Thereafter, PCIT called for the assessment records and examined the proceedings. CIT(A) after going through the case records and assessment records took a view that the order passed by the AO is erroneous and prejudicial to the interest of revenue.
ITAT Bangalore held that penalty under section 271D of the Income Tax Act not imposable for acceptance of cash on transfer of agricultural land as non-compliance with section 269SS of the Income Tax Act was due to bonafide belief.
On appeal CIT (A) held that disallowance u/s 10AA can be made only when the total income is enhanced by the AO or TPO. Co-ordinate bench has already decided this issue for AY 2014-15 and disallowance u/s 10AA was deleted.
ITAT remands case to CIT(A) for review of delayed Form 10B filing by Jagadguru Shivanand Human Welfare Association. Appeals for Section 11 exemption continue.
ITAT Bangalore held that non-granting of accumulation of income under section 11(2) due to delay in filing Form 10 not justified since delay was condoned by appropriate authority. Accordingly, appeal allowed in favour of assessee.
AO, based on the information, found that both suppliers were subject to proceedings and were found guilty of economic offenses punishable under the relevant CGST Act, 2017, and KGST Act, 2017.
ITAT Bangalore held that interest rate should be charged on the basis of prevailing LIBOR rate and no SBI PLR rate since invoices are raised in foreign currency. Accordingly, it is directed to TPO to apply LIBOR rate as basis for computation of interest.
ITAT Bangalore rules that VAT penalty payments cannot be deducted under Section 37 of Income Tax Act, remanding case for further examination.
ITAT restores Yalamati Raghavendra’s appeal to CIT(A) for adjudication on merits after admitted tax payment, referencing Karnataka High Court’s judgment in SSS Projects Ltd.
ITAT dismisses Duddu Nomeshwar’s appeal as withdrawn, allowing reinstatement if Vivad Se Vishwas Scheme application is rejected by Revenue.
