Return Filed Under Correct PAN Cannot Be Ignored Due to Duplicate PAN: ITAT Bengaluru

Ramaswamy Balasubramanya Vs ITO (ITAT Bangalore) Return Filed Under Correct PAN Cannot Be Ignored Due to Duplicate PAN Issue-Bengaluru ITAT Deletes Section 69 Addition The Bengaluru ITAT allowed the appeal of an individual taxpayer and deleted additions made under section 69, holding that the Revenue cannot ignore a return of income merely because it was filed under the taxpayer’s correct PAN while proceedings were initiated under an old PAN that the assessee had already sought to deactivate. The assessee had purchased an immovable property worth ₹70 lakh, carried out equity share tran...