https://www.taxtmi.com/caselaws?id=447814 ITAT Bangalore held that returns filed in response to section 153A notices cannot be treated as defective returns under section 139(9) explanation clause (aa) when original returns were already processed under section 143(1), even without complete tax payment. The Tribunal allowed business loss claims where genuine contractual obligations existed, rejecting revenue's characterization as paper losses. Interest grounds under sections 234A and 234B were dismissed as they weren't raised before CIT(A). Disallowance under section 36(1)(iii) was upheld for interest-free advances lacking source explanation. Physical cash shortage found during search operations in company premises cannot be taxed as income in managing director's hands when held as trustee. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 04 Jan 2024 22:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447814 ITAT Bangalore held that returns filed in response to section 153A notices cannot be treated as defective returns under section 139(9) explanation clause (aa) when original returns were already processed under section 143(1), even without complete tax payment. The Tribunal allowed business loss claims where genuine contractual obligations existed, rejecting revenue's characterization as paper losses. Interest grounds under sections 234A and 234B were dismissed as they weren't raised before CIT(A). Disallowance under section 36(1)(iii) was upheld for interest-free advances lacking source explanation. Physical cash shortage found during search operations in company premises cannot be taxed as income in managing director's hands when held as trustee. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447814