Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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