ITAT Bangalore

Sale Consideration cannot be Determined merely on Form 26AS

Jaya Prakash Vs ITO (ITAT Bangalore)

Jaya Prakash Vs ITO (ITAT Bangalore) Admittedly in this case, the CIT(A) determined the sale consideration on the basis of Form 26AS without seeing the actual sale deed entered by the assessee with concerned parties. In our opinion, sale consideration cannot be determined only on the basis of Form 26AS. The provisions of s.2(47)(v) can [&...

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Retention bonus amount paid before due date of filing return of income allowable

Ocwen Financial Solutions (P) Ltd. vs. DCIT (ITAT Bangalore)

As per the proviso to section 43B, the amount paid before the due date for filing return of income out of the provision created is allowable as deduction. Admittedly, assessee had paid a sum out of the provision so created, before the due date for filing return of income....

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For Indexation of cost, Effective date is date of allotment of property

L. Vivekananda M/s. Vivek Hotels Vs ACIT (ITAT Bangalore)

For computing indexed cost of the asset, the date is to be reckoned from the date of allotment of the property to the assessee, and not from the date on which possession certificate was issued to the assessee....

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Section 40(a) not applicable in case of charitable trust or institution

R. K. Associates Vs ITO (ITAT Bangalore)

R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that ...

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ITAT deletes addition made merely on the basis of diary noting

D .V. Sadananda Gowda Vs ACIT (ITAT Bangalore)

D .V. Sadananda Gowda Vs ACIT (ITAT Bangalore) Admittedly, the addition of Rs.5 lakh has been made in the case of the assessee only on the basis of diary noting, statement of VP (Finance), RNSIL, and data retrieved by using forensic tools from seized computer server (data was deleted and the same was retrieved by […]...

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Absence of interest income on capital from firm is no bar to claim interest paid on borrowings for contributing capital to firm

Suresh Sreeram Vs ITO (ITAT Banglore)

Absence of earning any interest income on capital from the firm is no bar to claim the interest paid on borrowings for the purpose of contributing capital to the firm by the assessee as deductible expenditure....

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Non refundable amount received in the course of Business can be treated as Income

Hothur Traders Vs ACIT (ITAT Bangalore)

Hothur Traders Vs ACIT (ITAT Bangalore) In the present case, the assessee had received the amount in the course of its business, which are originally treated as an advance. These deposits neither claimed nor returned to the party concerned. There is no dispute that this impugned amount was received in the course of carrying on […]...

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TDS not deductible on Amounts paid to non-resident manufacturers for resale/use of computer software

Altisource Business Solutions Private Limited Vs ACIT (ITAT Bangalore)

Altisource Business Solutions Private Limited Vs ACIT (ITAT Bangalore) Amounts paid by the assessee to the non-resident computer software manufacturers / suppliers as consideration for the resale / use of computer software, is not payment of royalty for use of copyright in the computer software. Hence, the consideration paid to non-reside...

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Limitation Period for second rectification should reckon from original order date

Karnataka Power Corporation Limited Vs ACIT (ITAT Bangalore)

Karnataka Power Corporation Limited Vs ACIT (ITAT Bangalore) Hon’ble jurisdictional High Court in the case of M/s. Kothari Industrial Corporation Limited v. The Agricultural Income Tax Officer reported in 230 ITR 306 had held that the period of limitation for a second rectification should be reckoned from the date of original order, if ...

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High Turnover Company cannon be compared with Low Turnover Company

Zynga Game Network India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Zynga Game Network India Pvt. Ltd. Vs DCIT (ITAT Bangalore) We note that Ld.AO/TPO has applied filter of more than Rs. 1 crore, but did not put an upper limit to the filter. This Tribunal in case of Genesis Integrating Systems India Pvt Ltd vs DCIT reported in (2012) 53 SOT 159 and various other […]...

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