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1,241 results for “section 68”+ Section 10(38)clear

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Key Topics

Addition to Income69Section 143(3)57Section 133A36Section 6835Section 14831Disallowance31Section 10A30Section 201(1)27Section 4026Deduction

M/S. ALLSTATE INDIA PRIVATE LIMITED ,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1)(1), BENGALURU

In the result, the appeal of the assessee is allowed

ITA 257/BANG/2023[2018-19]Status: DisposedITAT Bangalore31 May 2023AY 2018-19

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year: 2018-19

For Appellant: Shri Prakash Shridhar Hegde, A.RFor Respondent: Shri Gudimella VP Pavan Kumar, D.R
Section 10ASection 139

68,037/- on the Short Term Deposits made by it to the tune of Rs. 6,46,88,606/- out of its Surplus Funds temporarily parked in the Current Account held in Citi Bank, Hong Kong and also earned interest of Rs. 6,02,309/- from the Advances of loans to its staff members. The deduction in respect of both

MR. BHASKAR JOSEPH,BANGALORE vs. INCOME TAX OFFICER, WARD- 6(2)(2), BANGALORE

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Showing 1–20 of 1,241 · Page 1 of 63

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Section 153C21
Comparables/TP20
ITA 1737/BANG/2019[2015-16]Status: DisposedITAT Bangalore07 Jun 2022AY 2015-16

Bench: Shri Chandra Poojariassessment Year: 2015-16

For Appellant: Sri Rajeev Nulvi, A.RFor Respondent: Sri Ganesh R. Ghale, A.R., Standing counsel for Revenue
Section 131Section 68

68 of the Act cannot be sustained. Section 44AD provides that where the assessee is engaged in eligible business as proprietor under that section, a sum equal to 8% of the gross receipts shall be deemed to be the profits and gains of such business. Section 44AD exempts the assessee from maintenance of books of accounts. Once

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE vs. AURA JEWELS, BANGALORE

In the result, the cross objection filed by the assessee is dismissed

ITA 684/BANG/2023[2017-18]Status: DisposedITAT Bangalore24 Feb 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2017-18

For Appellant: Shri Tata Krishna, AdvocateFor Respondent: Ms. Neera Malhotra, CIT (DR)
Section 143(2)Section 68

38 lakh. 5. Accordingly, the AO raised a question regarding the genuineness of the cash sales made during November 2016, through a notice dated December 9, 2019. . CO-9/Bang/2023 Page 4 of 25 6. In response, the assessee furnished relevant documents, including Form VAT-40, details of sundry debtors and creditors, purchase registers, and confirmations from creditors such

M/S. KOKKARNE PRABHAKAR,HUBBALLI vs. INCOME TAX OFFICER, WARD - 3(2), HUBBALLI

In the result, the appeal of the assessee is partly allowed

ITA 1239/BANG/2019[2014-15]Status: DisposedITAT Bangalore11 Sept 2020AY 2014-15

Bench: Shri Chandra Poojari, Am Assessment Year: 2013-14 Shri Kokkarne Prabhakara, Vs. Income Tax Officer, 103, Indira Prasta Apartment, Ward 3(2), Hubballi. Vivekanand Colony, Keshwapur, Hubli-580 023 Pan Acipp 8430H

Section 143(3)Section 44A

10 I.T.A. No. 1239/Bang/2019 maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB." 13. From the combined reading of sub-section (1) and sub-section (5), it is apparent that

ARJUN SHETTY,MANGALURU vs. INCOME TAX OFFICER, TPS, CIRCLE - 1(1), MANGALURU

In the result, appeal filed by the assessee is allowed

ITA 61/BANG/2025[2018-19]Status: DisposedITAT Bangalore29 Oct 2025AY 2018-19

Bench: Shri.Laxmi Prasad Sahu & Shri.Keshav Dubeyassessment Year : 2018-19 Arjun Shetty, Vs. Ito, 16-6-393/9 Shubha Krishna Building, Ward – Tps, Highland Falnir, Mangalore - 575002. Circle – 1(1), Pan :Ainps5294H Mangalore. Appellant Respondent Assessee By : S/Shri. Pranav G Ambekar, V. Narendra Sharma, Advocates Revenue By : Shri. Nilanjan Dey,Jcit(Dr)(Itat), Bangalore. Date Of Hearing : 15.09.2025 Date Of Pronouncement : 29.10.2025

For Appellant: S/Shri. Pranav G Ambekar, V. Narendra Sharma, AdvocatesFor Respondent: Shri. Nilanjan Dey,JCIT(DR)(ITAT), Bangalore
Section 10Section 10(1)Section 143(2)Section 143(3)Section 250

38,530/-. The case was selected for limited scrutiny under CASS. Accordingly, notice under section 143(2) of the Act dated 23.09.2019 was Page 2 of 16 issued to the assessee to verify the agricultural income of Rs.81,07,685/- and share of profit of Rs.82,41,054/- and subsequently, other statutory notices were issued. Assessee was requested

MR. GIRISH V YALAKKISHETTAR,DAHRWAD vs. INCOME TAX OFFICER WARD-2(3), HUBLI

In the result, both the appeals filed by the assessee are partly allowed

ITA 354/BANG/2019[2013-14]Status: DisposedITAT Bangalore27 Jan 2020AY 2013-14

Bench: Shri Chandra Poojari

For Appellant: Sri.Balram R.Rao, AdvocateFor Respondent: Sri.Ganesh R.Ghale, Standing Council for DR
Section 143(3)Section 148Section 44ASection 68

68 of the Act cannot be sustained. Section 44AD provides that where the assessee is engaged in eligible business as proprietor under that section, a sum equal to 8% of the gross receipts shall be deemed to be the profits and gains of such business. Section 44AD exempts the assessee from maintenance of books of accounts. Once

MR.GIRISH V YALAKKISHETTAR ,DHARWAD vs. THE INCOME TAX OFFICER WARD-2(3), BANGALORE

In the result, both the appeals filed by the assessee are partly allowed

ITA 355/BANG/2019[2014-15]Status: DisposedITAT Bangalore27 Jan 2020AY 2014-15

Bench: Shri Chandra Poojari

For Appellant: Sri.Balram R.Rao, AdvocateFor Respondent: Sri.Ganesh R.Ghale, Standing Council for DR
Section 143(3)Section 148Section 44ASection 68

68 of the Act cannot be sustained. Section 44AD provides that where the assessee is engaged in eligible business as proprietor under that section, a sum equal to 8% of the gross receipts shall be deemed to be the profits and gains of such business. Section 44AD exempts the assessee from maintenance of books of accounts. Once

JAYANTILAL BHAGWANCHAND,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(4), BANGALORE

In the result, the appeal of the assessee is allowed

ITA 735/BANG/2024[2011-12]Status: DisposedITAT Bangalore03 Sept 2024AY 2011-12

Bench: Shri George George K & Shri Waseem Ahmedassessment Year : 2011-12

For Appellant: Shri Ravishankar S.V. AdvocateFor Respondent: Shri Ramanathan, Addl. CIT (DR)
Section 10(38)Section 68

38) of the Act for Rs. 10,86,720/- only and treating the same as unexplained cash credit under section 68

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S SNOWSHINE REALTORS PVT.LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

ITA 1443/BANG/2018[2008-09]Status: DisposedITAT Bangalore28 Oct 2022AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

section 68 of the Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made by AO u/s 68

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

ITA 1442/BANG/2018[2012-13]Status: DisposedITAT Bangalore28 Oct 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

section 68 of the Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made by AO u/s 68

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1-(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD., BENGALURU

In the result, the revenue appeals in ITA Nos

ITA 1441/BANG/2018[2009-10]Status: DisposedITAT Bangalore28 Oct 2022AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

section 68 of the Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made by AO u/s 68

SRI. GIRISH MALLESH,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-6(2)(1), BANGALORE

In the result, appeal of the assessee in ITA No

ITA 836/BANG/2023[2017-18]Status: DisposedITAT Bangalore19 Dec 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri Ashwin D Gowda, D.R
Section 115BSection 142Section 143Section 250Section 271ASection 44ASection 68

10,38,000 12.11.16 38 137 1,06,500 13.11.16 138 330 3,03,000 Total 1339 2217 24,47,500 When enquired about the sources for making the above deposits, the assessee submitted that they represent cash received by it from its members towards repayment of loan, Pigmy collection, etc. The A.O. noticed that the Government has announced demonetization

SRI. GIRISH MALLESH,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-6(2)(1), BANGALORE

In the result, appeal of the assessee in ITA No

ITA 837/BANG/2023[2017-18]Status: DisposedITAT Bangalore19 Dec 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri Ashwin D Gowda, D.R
Section 115BSection 142Section 143Section 250Section 271ASection 44ASection 68

10,38,000 12.11.16 38 137 1,06,500 13.11.16 138 330 3,03,000 Total 1339 2217 24,47,500 When enquired about the sources for making the above deposits, the assessee submitted that they represent cash received by it from its members towards repayment of loan, Pigmy collection, etc. The A.O. noticed that the Government has announced demonetization

SHRI. SUNIL KUMAR JALAN,BANGALORE vs. INCOME TAX OFFICER, WARD- 6(3)(1), BANGALORE

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 337/BANG/2020[2014-15]Status: DisposedITAT Bangalore28 Feb 2023AY 2014-15

Bench: Shri Chandra Poojari & Shri George George K.Shri Sunil Kumar Jalan Vs The Income Tax Officer - 6(3)(1) No.703, 7Th Floor, Ebony Bmtc Building, 80Ft Road A Wing, Godrej Woods Apts 6Th Block, Koramangla Near Hebbal Flyover Bengaluru 560095 Bangalore 560024 Pan – Acdpj0966D (Appellant) (Respondent) Assessee By: Shri P.K. Prasad, Advocate Revenue By: Dr. Sankar Ganesh K., Addl. Cit-Dr Date Of Hearing: 23.02.2023 Date Of Pronouncement: 28.02.2023 O R D E R Per: George George K., J.M. This Appeal At The Instance Of The Assessee Is Directed Against The Cit(A)’S Order Dated 25.11.2019. The Relevant Assessment Year Is 2014-15. 2. The Brief Facts Of The Case Are As Follows: - The Assessee Is An Individual Engaged In Granite Business. For The Assessment Year (Ay) 2014-15 Return Of Income Was Filed On 28.11.2014 Declaring Total Income Of Rs.13,52,370/- Consisting Of Income From House Property, Capital Gains & Business Income. The Assessment Was Selected For Scrutiny & Notice Under Section 143(2) Of The Income Tax Act, 1961 (The Act) Was Issued On 18.09.2015. The Assessee’S Ar Attended Hearing On 30.12.2016 & 2 Shri Sunil Kumar Jalan Produced The Books Of Accounts & Other Details. The Assessing Officer (Ao) Concluded The Assessment Under Section 143(3) Of The Act Vide Order Dated 30.12.2016 Making The Following Addition: -

For Appellant: Shri P.K. Prasad, AdvocateFor Respondent: Dr. Sankar Ganesh K., Addl. CIT-DR
Section 10(38)Section 143(2)Section 143(3)Section 144

68 of the Income - Tax Act and treating the entire consideration on sale of shares as income amounting to Rs. 2,10,91,591, which was the basis for claim of exemption on Long Term Capital Gains under section 10(38

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE vs. M/S TATA ELXSI. LTD., BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1516/BANG/2017[2010-11]Status: DisposedITAT Bangalore05 Dec 2018AY 2010-11

Bench: Shri N.V.Vasudevan & Shri Inturi Rama Raom/S.Tata Elxsi Ltd., Itpb Road, Hoody, Whitefield Road, Bengaluru-560 048. … Appellant Pan:Aaact 7872 Q Vs

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)
Section 10ASection 115JSection 143(3)Section 155

68,91,445/- not realized within prescribed time, the ld.CIT(A), referring to the provisions of section 155(11A) of the Act, held that the same should be considered as export turnover of the current year, placing reliance on the decision of the Hon’ble Karnataka High Court in the case of Wipro

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE vs. M/S TATA ELXSI. LTD, BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1517/BANG/2017[2011-12]Status: DisposedITAT Bangalore05 Dec 2018AY 2011-12

Bench: Shri N.V.Vasudevan & Shri Inturi Rama Raom/S.Tata Elxsi Ltd., Itpb Road, Hoody, Whitefield Road, Bengaluru-560 048. … Appellant Pan:Aaact 7872 Q Vs

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)
Section 10ASection 115JSection 143(3)Section 155

68,91,445/- not realized within prescribed time, the ld.CIT(A), referring to the provisions of section 155(11A) of the Act, held that the same should be considered as export turnover of the current year, placing reliance on the decision of the Hon’ble Karnataka High Court in the case of Wipro

M/S TATA ELXSI LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1222/BANG/2017[2011-12]Status: DisposedITAT Bangalore05 Dec 2018AY 2011-12

Bench: Shri N.V.Vasudevan & Shri Inturi Rama Raom/S.Tata Elxsi Ltd., Itpb Road, Hoody, Whitefield Road, Bengaluru-560 048. … Appellant Pan:Aaact 7872 Q Vs

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)
Section 10ASection 115JSection 143(3)Section 155

68,91,445/- not realized within prescribed time, the ld.CIT(A), referring to the provisions of section 155(11A) of the Act, held that the same should be considered as export turnover of the current year, placing reliance on the decision of the Hon’ble Karnataka High Court in the case of Wipro

SYED MAQSOODULLA ,BANGALORE vs. INCOME TAX OFFICER WARD-3(2)(1), BANGALORE

In the result, the appeal of the assessee is allowed

ITA 397/BANG/2019[2015-16]Status: DisposedITAT Bangalore11 Sept 2020AY 2015-16

Bench: Shri Chandra Poojari, Am Assessment Year: 2015-16 Syed Maqsoodulla, Vs. The Income Tax Officer, No.14, 7Th “A’ Cross Ward-3(2)(1), Bangalore. ‘D’ Block, Magadi Road Bangalore-560023. [Pan:Cycps 3116F]

Section 115BSection 251(2)Section 44ASection 69A

10 I.T.A. No.397/Bang/2019 . 7.3 Now coming to the argument of the learned D.R. that the addition has been made under section 68 of the Act, on which there is no bar even though income offered under section 44AD of the Act, I am quite in agreement with the same. The only fetter provided under section 44AD

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1981/BANG/2018[2010-11]Status: DisposedITAT Bangalore12 Jan 2023AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

10, the assessee incurred an aggregate loss of Rs. 129,94,15,659/- (comprising of loss of Rs. 78,69,47,279/- arising on restatement of forward contracts, and realised loss of Rs. 51,24,68,380/-), in respect of the forward contracts entered into by it, on account of fluctuation of foreign currency. The assessee claimed the loss

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1980/BANG/2018[2009-10]Status: DisposedITAT Bangalore12 Jan 2023AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

10, the assessee incurred an aggregate loss of Rs. 129,94,15,659/- (comprising of loss of Rs. 78,69,47,279/- arising on restatement of forward contracts, and realised loss of Rs. 51,24,68,380/-), in respect of the forward contracts entered into by it, on account of fluctuation of foreign currency. The assessee claimed the loss