ITAT Bangalore

Mere delay in submitting ITR-V does not make return invalid to deny benefit of carry forward of losses

M/s. Electronics & Controls Power Systems Pvt. Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (A) ought to have appreciated that the return of income was filed electronically within the due date and filing of ITR-V was a formality and delay in filing ITR-V cannot deprive the assessee from claiming carry forward loss duly determined for the relevant assessment yeare....

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Interest on funds which are to be deployed for construction of plant in future cannot be treated as Income

Ms. Bank Note paper Mill India Pvt. Ltd Vs the Income Tax officer (ITAT Bangalore)

Ms. Bank Note paper Mill India Pvt. Ltd Vs ITO (ITAT Bangalore)  ITAT held that where the interest receipt is directly connected or incidental to working of construction of assessee plant, it should be reduced from the capital cost of project and not be treated as income. Statement provided by assesse in form of Annexure […]...

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Initial burden on assessee to show that transactions in loose sheet were not in the nature of undisclosed investments

DCIT Vs Geneva Industries Ltd. (ITAT Bangalore)

Initial burden was on assessee to show that transactions in loose sheet were not in the nature of undisclosed investments. As assessee failed to discharge the same, AO was justified in making addition under section 69....

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section 57(iii) Expense allowable only if the same was for earning income taxable under the head ‘income from other sources’

Shri M.J. Aravind Vs The Joint Commissioner of Income Tax (ITAT Bangalore)

Regarding the allowability of deduction under clause (iii) of section 57, it has to be established by the assessee that expenditure has been exclusively laid out or expended wholly and exclusively for the purpose of making or earning such income taxable under the head ‘income from other sources...

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TDS deductible on Commission retained by Airline Operators for Collecting Passenger Service Fee

M/s. Delhi International Airport Pvt. Ltd Vs. DCIT (ITAT Bangalore)

M/s. Delhi International Tax Airport Pvt. Ltd Vs DCIT (ITAT Bangalore) Once it has been repeatedly held that Airlines Operators are collecting the PSF on behalf of the Airport Authorities/Operators and the PSF is to be paid to the airport authority in terms of the notifications issued by the MOCA at different points of time,the […]...

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Mere Issue of 2nd notice U/s. 148 does not constitute Change of Opinion; AO can examine genuineness of share premium U/s 68

M/s. Cornerstone Property Investments Pvt. Ltd. Vs Income Tax Officer (ITAT Bangalore)

The assessee, a company stated to be engaged in Real Estate business, filed its return of income for Assessment Year 2008-09 on 30.09.2008 declaring loss of (-) Rs.6,84,051. The assessee filed a revised return on 14.10.2008 declaring loss of (-) Rs.5,23,751. The revised return was processed under Section 143(1) of the Income Tax Act...

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No Disallowance U/s. 14A if no expenditure incurred to earn exempt income; ITAT Restores file to AO

Vision EL Tech & Services (P.) Ltd. Vs Dy. CIT (ITAT Bangalore)

Vision EL Tech & Services (P.) Ltd. Vs DCIT (ITAT Bangalore) From the details filed it is observed that there are several instances of fresh investment as well as sale of investment in shares, evidencing frequent movement in the assessee’s investment portfolio and accordingly it cannot be accepted that no expenditure has been incurr...

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Section 195 Payment towards Import of Software Amounts to Royalty

Telecomone Teleservices India Private Limited Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The CIT (A) has failed to understand that your appellant was not under any legal obligation to effect TDS on purchase of Computer Software in F.Y. 2011-12 as these were considered as purchase of goods under the then existing provisions of law and subjected to customs duty. Purchase of computer software was brought under the definition of ...

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Lease rental income from letting out of warehouse constitutes business income

The Income-tax Officer Vs M/s Anjaneya Infrastructure Projects Pvt. Ltd. (ITAT Bangalore)

The assessee, a company engaged in deriving rental income from letting out of warehouse, filed its return of income for asst. year 2013­14 on 29/8/2013 declaring income of Rs. 26,97,860/- treating the rental income received there form as business receipts and offering the same for taxation of business income. The case was taken up for sc...

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Assessee cannot claim exemption U/s. 54F and 54EC for investment made by spouse

Shri Raghuram P Nambyar Vs Asst. Commissioner of Income Tax (ITAT Bangalore)

These are appeals filed by two assessees who are wife and husband. One appeal in IT(IT)A No.12/Bang/2014 is by Smt.Veena Nambyar directed against the order passed by the CIT (Appeals) -4, Bangalore dt.20.2.2014, in respect of the order of assessment passed. 143(3) of the Income Tax Act, 1961 (in short 'the Act') dt.27.12.2011....

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