ITAT Bangalore

Income of Minor Beneficiaries can be Clubbed to Income of Parents

Dr. (Mrs.) Anwar Basith, Vs The Assistant Commissioner of Income Tax, (ITAT Bangalore)

The two beneficiaries were minors and therefore the assessing officer has arrived at an income of Rs. 3,65,040/- as income includable under section 64(1A) of the Act. As the income of the Trust depends on the claim of expenditure made by the co-owners, the working of assessing officer in the assessment order is fair and reasonable....

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Assessee can challenge Assessment order if AO not accepted consent of assessee in toto

Sri Patil Kadpakal Garjan Vs Addl. CIT (ITAT Bangalore)

When the Assessing Officer has not accepted the consent of the assessee in toto then the said consent cannot be applied as a Doctrine of estoppels against the assessee and the assessee has a legal right to challenge the assessment order before the appellate authority. ...

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No exemption U/s. 11 on acquisition of assets from borrowed funds

Deputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore)

In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act....

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HUF income cannot be taxed in members hand after demise of Karta

Smt. P. G. Sunandamma Vs Income Tax Officer (ITAT Bangalore)

In P.G Sunandamma Vs. ITO, the ITAT, Bangalore, held that the transfer of excise license to a member of HUF on death of Karta cannot be reason to assess HUFs income in the hands of that individual member....

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No disallowance for interest paid to NBFC without TDS deduction, considered by NBFC in their Income

Shri Azmath Ulla Vs ACIT (ITAT Bangalore)

Having held that the second proviso to section 40(a)(ia) shall have retrospective effect the question arises that if the recipients of interest in question have already considered the same for computing their income offered to tax then the dis allowance u/s. 40(a)(ia) is not attracted....

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Credit Society eligible for Sec. 80P deduction on Interest on idle fund

Primary Agriculture Credit Co-opeative Society Ltd Vs CIT (Appeals), (ITAT Bangalore)

When the amount which was deposited in the bank was not an amount due to members and it was not the liability of the society to the members then the interest earned from the deposits in the bank was held to be eligible for deduction under Section 80P (1) as well as 80P(2)(a)(i) of the Act....

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Addition without allowing Cross-Examination of Witness relied upon is invalid

Shri. Amit Mehta (HUF), Vs ITO (ITAT Bangalore)

AO was not justified in making addition in the hands of assessee, without allowing the assessee to cross-examine Mr. Mukesh Choksi, whose statement was relied upon for making the above additions....

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Expenditure Incurred on Issuance of Debentures is Revenue Expenditure: ITAT Bangalore allows Deduction [Read Order]

Shanders Properties Pvt. Ltd. Vs The Income Tax Officer (ITAT Bangalore)

In Shanders Properties Pvt. Ltd Vs. ITO, the ITAT Bangalore directed the AO to allow the expenditure incurred in relation to issuance of debentures as it constitute revenue expenditure under the provisions of the Income Tax Act....

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Assessee entitled for Credit of TDS deducted in erstwhile name

I Gate Infrastructure Management Vs DCIT (ITAT Bangalore)

The credit of TDS deducted and deposited in the old name and old PAN No. and the credit of the same was not given to the assessee on account of mismatch, though entity is the same....

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No TDS liability can be imposed for notional provision reversed afterwards

State Bank of India Vs Income Tax Officer (ITAT Bangalore)

If the assessee is able to establish that it was only a notional provision which was reversed afterwards, then no TDS liability can be imposed on the assessee....

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