Income Tax - Highlights / Catch Notes

The ITAT Bangalore, in a case involving unexplained money u/s. ...

ITAT Bangalore ruled in favor of the assessee, accepting agricultural income as reported, rejecting unexplained money claim u/s 69A during demonetization period.

Case Laws Income Tax

May 22, 2024

The ITAT Bangalore, in a case involving unexplained money u/s. 69A, addressed deposits in a bank account during the demonetisation period. The DR argued that the assessee failed to provide external evidence supporting the agricultural income declared. The tribunal noted the average agricultural income reported by the assessee for the previous three years. It observed that the AO had accepted the agricultural income while computing the total income, which is crucial for raising a demand u/s 156. Consequently, the AO could not treat it as unexplained investment u/s. 69A. The tribunal accepted the assessee's plea, considering the income as agricultural income and applying the normal tax rate. As the assessee had shown agricultural income of Rs. 15,84,000 in the return, with a portion accepted by the ld. CIT (A), the remaining amount was also deemed agricultural income. Therefore, the assessee's appeal was allowed.

View Source

← Previous Next →

The ITAT Bangalore, in a case involving unexplained money u/s. ...

ITAT Bangalore ruled in favor of the assessee, accepting agricultural income as reported, rejecting unexplained money claim u/s 69A during demonetization period.

Case Laws Income Tax

May 22, 2024

You may also like:

The case involved a dispute over the determination of agricultural income, focusing on the variance between admitted and net agricultural income. The Assessing Officer...

Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

Agricultural income or not - Since no agricultural income has been shown by assessee’s husband in this year, the entire income has been considered as ‘income from other...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Agriculture income - The assessee on one hand pleaded before the authorities below earning of the lesser agricultural income and has now taken a contrary stand to accept...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee....

Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already...

Cash deposit in bank account treated as unexplained income - Agricultural income or not? - The Tribunal found discrepancies in the appellant's claims regarding...

Income derived from agricultural activities is exempt u/s 10(1) of the Act. The assessee, a professional agricultural graduate, consistently declared agricultural income...

The ITAT reviewed a case involving the revision u/s 263 regarding the accrual of interest income on contributions made by the assessee towards Core Settlement Guarantee...

The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision,...

Power of CIT(A) in exercising power u/s 250(4) to accept remand report with regard to income as well as claim of expenditure made by assessee - if the Remand Report is...

Agricultural income - assessee has not maintained separate books of account related to agricultural income - orders of CIT (Appeals) on the issue of estimation of...

The Commissioner of Income Tax (CIT) directed the Assessing Officer (AO) to compute the assessee's income by adding the difference in valuation of shares u/s 56(2)(viib)....

Quick Updates: