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Section 68 Cash deposits in the bank and AO made the addition u/s 68 instead of u/s 69, and hence the addition made by the AO is unsustainable.DIRISALA BALA MURALI vs. ITO. ITAT VISHAKAPATNAM on Jul 29, 2020. https://www.bpmundraca.com/it-cases-232-2021/
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ITAT VISAKHAPATNAM on 26 February, 2020- Search and Seizure operations- Once the assessee has explained the way in which he derived income and also the purpose for which it is utilized, it is not necessary for the assessee being an educational society to substantiate further with the source of the income received in view of section 115BBC(2)&(3) of the Act. Therefore, in view of the facts and circumstances of the case, we find that the assessee has fulfilled all the conditions laid down in Section 271AAB(1)(a), therefore penalty at 10% is leviable (instead of 30%) in this case. As per section 115BBC, any trust or institution received anonymous donations, is not necessary to mention identity/address and other particulars in the books.
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AO to adopt the value of the property for the purpose of section 50C of the Act for computing capital gains as on the date of execution of agreement to sale, but not as on the date of sale deed reason being that the assessee received the part consideration by an account payee cheque on or before the date of the agreement for transfer: ITAT VISHAKAPATNAM on Mar 11, 2020
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On 20.3.2020 ITAT VISHAKAPATNAM hold that when the sale proceeds of joint venture are utilized for advancement of the objects without diversion, it does not violate the objects of the assessee. Hence it does not make the assessee disentitle for registration u/s 12AA(3).
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There is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income