Madhuri Hingorani Pradeep vs. Income Tax Officer Bangalore

Quick Summary

This case involves an appeal by Madhuri Hingorani Pradeep against an order from the Income Tax Officer, Bangalore, for the assessment year 2011-12. The appeal concerns two main issues: an addition of Rs. 60 lakhs related to income surrendered during a survey, and the non-allowance of set-off for brought-forward losses and depreciation. The assessee had previously run a garment business, which was discontinued, and later started a spa and beauty parlour. During a survey at the spa, the assessee surrendered Rs. 60 lakhs as additional income, though later claimed in a letter that her estimated income was Rs. 35.68 lakhs and that brought-forward losses would result in NIL taxable income for the relevant assessment year.

Court :
ITAT Bangalore

Brief :
The assessee has filed this appeal challenging the order dated 20-02-2019 passed by Ld CIT(A)-1, Bengaluru and it relates to the assessment year 2011-12.

Citation :
ITA No.773/Bang/2019

Daily Limit Reached