ITAT Bangalore

Share valuation report without scientific basis can be rejected

M/s. Innoviti Payment Solutions Pvt. Ltd. Vs ITO (ITAT Banglore)

M/s. Innoviti Payment Solutions Pvt. Ltd. Vs ITO (ITAT Banglore) (1) The AO can scrutinize the valuation report and the if the AO is not satisfied with the explanation of the assessee, he has to record the reasons and basis for not accepting the valuation report submitted by the assessee and only thereafter, he can […]...

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ITAT deletes addition for share capital in case of Jagan Reddy Group Companies

M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore)

M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore) We have held that the sole basis of reopening of the assessment is the information received from the CBI. It is an undisputed fact that AO did not supply those materials to the assessee and also did not confront them with the assessee. Hence, we are […]...

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Retiring partner to pay capital gain tax on excess amount received against Capital A/c

Savitri Kadur Vs DCIT (ITAT Bangalore)

Savitri Kadur Vs DCIT (ITAT Bangalore) Conclusion: When the partnership firm paid lump-sum amount to retiring partner, it was paid in consideration of her retirement in the partnership and assignment of her interest to other partners, the transaction would amount to transfer u/s 2(47) and liable to tax excess amount over partner’s c...

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Entering into Registered JDA is transfer under section 2(47)

Shri. Damodar Reddy Vs ITO (ITAT Bangalore)

Since assessee along with his mother and siblings entered into a JDA with M/s. S, which was a registered document, therefore, on entering into JDA, there was a 'transfer' as per section 2(47) and consequently capital gain was attracted....

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Section 54F deduction on cost of additional floors on new house

Shri Ramakrishna Aswatgh Vs ITO (ITAT Bangalore)

Shri Ramakrishna Aswatgh Vs ITO (ITAT Bangalore) In the present case, new house was purchased and the construction of additional floors was on such new house purchased by the assessee and this new house building purchased by the assessee has been accepted as eligible for deduction u/s. 54F. FULL TEXT OF THE ITAT JUDGEMENT This appeal [&h...

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Income from sale of cocoons cannot be regarded as agricultural income

Shri. B. S. Byregowda (HUF) Vs ITO (ITAT Bangalore)

Shri. B. S. Byregowda (HUF) Vs ITO (ITAT Bangalore) Income from sale of cocoons cannot be regarded as agricultural income in view of the decision of the Hon’ble Apex Court in the case of K. Lakshmanan & Co. Vs. CIT (2000) 108 Taxman 167 (SC); wherein it was held that income derived by the assessee […]...

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ITAT allows Losses due to selling goods at less than cost by Flipkart

JCIT Vs Flipkart India Pvt. Ltd. (ITAT Bangalore)

AO was not justified in holding that losses incurred by assessee due to selling goods at less than cost price to e-commerce operators  was to create marketing intangibles assets and therefore the loss to the extent it was created due to predatory pricing should be regarded as capital expenditure incurred by assessee and should be disallo...

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Cash loan from father-in-law- ITAT deletes Section 271D Penalty

Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore)

Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) In penalty proceedings, the assessee, inter alia, submitted that the transactions in question cannot be strictly construed as loan but rather are in the nature of gifts from his father-in-law Shri. G. P. Padmakumar because of the fact that the person giving the money and the person accepting ...

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Section 12AA Application cannot be rejected without affording opportunity of being heard to assessee

Sri Sahasra Lingeshwara Mahakali Devasthana Vs CIT (E) (ITAT Bangalore)

As CIT(E) rejected assessee’s application for registration ex-parte under section 12AA without affording reasonable opportunity of being heard to assessee in terms of section 12AA(1)(b)(ii), therefore, the matter was restored back to the file of the CIT (Exemptions) for fresh examination and adjudication....

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Sec. 54 exemption cannot be denied for non-filing of Income Tax Return

Smt. Tupel Raja Iyengar Shakuntala Vs ITO (ITAT Bangalore)

Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income....

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