ITAT Bangalore

Actual results of later years cannot be used for Valuation of shares: ITAT

M/s Flutura Business Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore)

Flutura Business Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore) We are of the view that, the Assessing Officer has erred in considering the actuals of revenue and profits declared in the future years as a basis to dispute the projections. At the time of valuing the shares as on 16.04.2012, the actual results of the […]...

Read More

Section 54F deduction restricted to only one residential property

Late Susan Cherian Vs ITO (ITAT Bangalore)

The issue under consideration is whether the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act?...

Read More

ITAT extends Stay of demand as Delay was Not Attributable to Assessee

Infosys Ltd. Vs ACIT (ITAT Bangalore)

Infosys Ltd. Vs The ACIT (ITAT Bangalore) The issue under consideration is whether the stay application seeking an extension of the stay approve by the Tribunal? In the present case, the assessee submitted that the appeal had been fixed for hearing on January 20, 2020, when the earlier stay order was passed. Thereafter, the case […...

Read More

DTAA overrides Section 206AA of Income Tax Act, 1961

DCIT Vs Bharath Fritz Werner Ltd. (ITAT Bangalore)

DCIT Vs Bharath Fritz Werner Ltd. (ITAT Bangalore) At the time of hearing it was not disputed that the issue raised by the revenue in its appeals are already decided by a Special Bench of ITAT, Hyderabad. The issue regarding the applicability of provisions of section 206AA of the Act, in cases of tax to […]...

Read More

Issue of Share at a premium: AO cannot change valuation method

Signure Technologies Pvt. Ltd. Vs ACIT (ITAT Bangalore)

ITAT held that AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a determination from an independent valuer to confront the assessee but the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee....

Read More

Peak Credit Computation- Both deposits & withdrawal needs to be considered

Shri B.A.Moideen Bava Vs DCIT (ITAT Bangalore)

Shri B.A.Moideen Bava Vs DCIT (ITAT Bangalore) The issue raised by assessee is on merits is regarding peak credits in unaccounted bank accounts of assessee’s. It has been submitted that peak credit has to be computed on the basis of actual deposits and withdrawal and not on the basis of cash deposit alone. Accordingly, we […]...

Read More

Section 14A Disallowance cannot exceed Exempt Income

Century Real Estate Holdings Pvt. Ltd. Vs ACIT (ITAT Bangalore)

The window for disallowance is indicated in section 14A and is only to the extent of disallowing expenditure incurred by the assessee in relation to tax exempt income....

Read More

Automation Software expense allowable as Revenue Expense

Texas Instruments (India) Private Limited Vs Add. CIT (ITAT Bangalore)

The Agreement refers to the US parent company of the Assessee having acquired license to use EDA tools from the vendors and the right of the Assessee to use the same and the fact that billing will be done on the Assessee on the basis of actual use of the software by the Assessee. It is thus clear that the Assessee had acquired no right or...

Read More

AO cannot change Share Valuation Method adopted by taxpayer

VBHC Value Homes Pvt. Ltd. Vs ITO (ITAT Bangalore)

AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a determination from an independent valuer to confront the assessee but the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee....

Read More

No section 271C penalty for non-deduction of TDS on LTA

State Bank of India Vs Addl. CIT (ITAT Bangalore)

The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at source on Leave Travel Allowance?...

Read More

Browse All Categories

CA, CS, CMA (4,867)
Company Law (6,341)
Custom Duty (7,854)
DGFT (4,266)
Excise Duty (4,379)
Fema / RBI (4,287)
Finance (4,528)
Income Tax (33,875)
SEBI (3,593)
Service Tax (3,577)