The assessee is public charitable trust established vide trust deed dated 1st September 2024 with the stated object to build, restore, renovate, and maintain places of worship, historical monuments, pilgrimage sites, and public places of faith and belief.
ITAT Bangalore rules that a director’s mere custody of company funds, without personal use or formal loan, does not constitute a deemed dividend under Section 2(22)(e) of the Income-tax Act.
Bangalore ITAT confirms Adarsh Developers’ right to claim ₹468 crore as business loss for advances to subsidiary, citing business expediency and prior precedents.
Bangalore ITAT rules AO exceeded jurisdiction by reclassifying online education income as FTS after a limited remand, deleting the tax demand.
Bengaluru tax authorities challenge NFAC order on unsecured loan deletion, citing Rule 46A violation. Case remitted for fresh adjudication.
Bangalore ITAT overturns Rs. 31.79 lakh addition for unexplained cash deposits, citing assessee’s sufficient sources and AO’s calculation errors.
Income Tax Tribunal rules on Rs. 23.33 lakh addition, clarifying Section 56(2)(vii)(b)(ii) for land held as stock-in-trade versus personal asset.
An assessee’s appeal against a ₹36.34 lakh cash deposit addition was dismissed by NFAC, New Delhi, due to a procedural error. The challenge targeted a rectification order, not the original assessment.
Bangalore ITAT rules that mandatory CSR spending, if qualifying as a donation under Section 80G, may still be eligible for tax deduction despite disallowance as business expense.
ITAT Bangalore held that disallowance of entire royalty payment by taking ALP at NIL not justified since there is no change in facts, circumstances or functions and hence principle of consistency should be applied.
