ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
ITAT Bangalore rules that cooperative societies can claim Section 80P deduction on interest from other co-ops, but not from scheduled commercial banks.
ITAT Bangalore upholds a Section 263 revision. An AO’s assessment order that silently accepts cash deposits and property sources, without proper inquiry, is erroneous.
ITAT Bangalore upholds that a cooperative society can claim an 80P deduction on income enhanced by disallowances like NPA and reserve provisions, directing the AO to recompute.
ITAT Bangalore deletes an income tax addition for Maloo Constructions, ruling that purchases were not bogus despite a third-party report. The decision emphasizes that disallowances require more than mere suspicion and must be supported by independent inquiry.
The ITAT Bangalore has ruled that the levy of late fees under Section 234E is invalid for periods before June 1, 2015, as the legal framework was not in place.
ITAT Bangalore confirms that the maximum marginal rate for discretionary trusts includes the highest applicable surcharge, regardless of the income amount, dismissing the assessee’s appeal.
ITAT Bangalore held that SanDisk India [Western Digital India] is not a Dependent Agency Permanent Establishment [DAPE] of SanDisk Ireland and hence the assessee income is not chargeable to tax in India.
ITAT Bangalore set aside a tax appeal after NFAC dismissed it without reviewing the taxpayer’s submissions. The case involves the rejection of books and a profit estimation.
ITAT Bangalore rules that the genuineness of a charitable trust’s activities, not the amount of its expenditure, determines its eligibility for tax registrations.
