ITAT Bangalore held that a genuine claim of application of income supported by documentary evidence cannot be denied merely because of a reporting mismatch in different schedules of the income tax return.
ITAT Bangalore held that where the assessee disputed the stamp duty valuation and furnished a registered valuer’s report, the Assessing Officer ought to have referred the matter to the Departmental Valuation Officer (DVO).
ITAT Bangalore held that once a search under Section 132 was conducted, the assessment for the relevant year had to proceed under Section 147/148 in accordance with the post-2021 statutory scheme.
The ITAT Bangalore held that a mismatch between the income tax return and Form 3CD cannot by itself justify disallowance of a genuine bonus payment. It allowed the deduction after finding that the payment was supported by books of account and bank records.
The ITAT accepted kidney-related medical treatment and renal transplant as sufficient cause for a 375-day delay in filing the appeal. It remanded the agricultural income addition to the Commissioner (Appeals) for fresh adjudication after granting an opportunity of hearing.
The ITAT dismissed the appeal after finding that the appeal fee was paid under an incorrect head and the 754-day delay remained unexplained. The Tribunal held that the defects were not cured and no condonation petition was filed.
ITAT Bangalore sustained a ₹47.07 lakh addition under Section 68 after the assessee failed to substantiate cash deposits with documentary evidence. The absence of cash books, sales records, and supporting documents proved fatal to the claim.
The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarified that reassessment jurisdiction remains valid despite arguments regarding faceless assessment provisions.
The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified condonation of a 2-month and 21-day delay in filing an appeal. The key takeaway is that genuine system-related difficulties may amount to sufficient cause for procedural delays.
The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired through a valid Business Transfer Agreement. The ruling confirms that goodwill valuation in a slump sale can support a depreciation claim when properly examined during assessment.
