Bangalore ITAT rules large companies like Infosys BPM & Tech Mahindra cannot be comparables for small captive service providers. Loss set-off also directed.
ITAT Bangalore deletes an unexplained cash addition, ruling that cash deposits during demonetization are not taxable if they are supported by prior bank withdrawals.
ITAT Bangalore quashes a reassessment order for Star Ceramics, ruling that an improper sanction from the wrong authority invalidates the entire proceeding.
ITAT Bangalore rules that an appeal cannot be dismissed for non-prosecution. The CIT(A) is bound to adjudicate on the merits, especially in complex JDA cases.
ITAT Bangalore deletes additions in the KC Raju Hospital case, confirming that no additions can be made to unabated assessment years without specific incriminating material.
ITAT Mumbai held that addition under section 68 of the Income Tax Act treating unsecured loan as unexplained credit not justified since assessee has proved identity, creditworthiness and genuineness of the credit. Accordingly, appeal is allowed.
ITAT Lucknow held that deduction under section 80IB and section 80HHC of the Income Tax Act is simultaneously allowable from the net profit. Accordingly, addition is directed to be deleted and appeal is allowed.
ITAT Cochin has quashed a tax demand, ruling that cooperative banks can claim a deduction under Section 80P for interest earned from District Co-operative Banks and Treasury, citing a Kerala High Court precedent.
ITAT Chandigarh’s ruling in the CSJ Infrastructure tax case addresses the application of Section 43CA and the tax treatment of interest on land conversion fees.
SEO Description: The ITAT Bangalore has remanded a case back to the tax office to verify whether employee PF/ESI contributions were paid on time, noting a discrepancy between the audit report and the taxpayer’s claim.
