ITAT Bangalore

In absence of PE in India No tax on money received by IBM Philippines in the course of their business

DCIT, International Taxation Vs IBM India Pvt. Ltd (ITAT Bangalore)

IBM India Pvt. Ltd case: IBM Philippines received the monies in the course of their business and did not have PE in India and therefore the receipt in question could not be brought to tax...

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Validity of scrutiny assessment- Notice issued U/s. 143(2) based on original Vs revised return

M/s Padmini Products Pvt. Ltd. Vs DCIT (ITAT Bangalore)

M/s Padmini Products Pvt. Ltd. Vs DCIT (ITAT Bangalore) Assessee filed return of income declaring loss and thereafter, filed revised return enhancing the amount of loss declared in the original return. The case of the assessee was selected for scrutiny and notice under section 143(2) was issued by AO. The assessee contended that the scrut...

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Interest on enhanced compensation for compulsory acquisition of agricultural land eligible for exemption U/s. 10(37)

ITO Vs Shri Basavaraj M Kudarikannur (ITAT Bangalore)

ITO Vs Shri Basavaraj M Kudarikannur (ITAT Bangalore) We have considered the submissions of the ld. DR. It is not disputed by the AO that the land acquired was agricultural land and the conditions laid down u/s. 10(37)(i) to (iv) are applicable to the land which is in question which was compulsorily acquired. It is […]...

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Deduction U/s. 80IB(10) allowable if capital asset was converted into stock-in-trade, before entering into JDA

Shri. Raja Reddy (HUF) Vs ACIT (ITAT Bangalore)

She has also tried to demonstrate that at the time of JDA, the land which was part of the stock-in-trade was contributed under JDA for the construction of residential apartments. Therefore, the profit earned on sale of flat would be a business profit. ...

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Section 54 Exemption allowed on House Property acquired Outside India for A.Y. 2014-15 and for earlier A.Ys.

Income Tax officer Vs Arshia Basith (ITAT Bangalore)

ITO Vs Arshia Basith (ITAT Bangalore) we find that the assessment year in this appeal is 2014-15 and the provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not clear as to whether […]...

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Invocation of rule 8D justified if exempt income is earned

Outsource Partners International (P.) Ltd. Vs DCIT (ITAT Bangalore)

Outsource Partners International (P.) Ltd. Vs DCIT (ITAT Bangalore) It was not a case where no exempted income is earned and AO applied rule 8D for as rule 8D of Income Tax Rules takes care of all aspects of interest bearing funds and interest free funds and expenditure incurred in management of portfolios, etc., once […]...

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AO cannot ignore sale price declared by assessee without any basis

Flipkart India (P) Ltd. Vs Asstt. CIT (ITAT Bangalore)

Flipkart India (P) Ltd. Vs ACIT (ITAT Bangalore) Where the assessee sold goods at loss in order to create market for itself, AO disregarded the loss without any basis and converted the same into income then action of AO was not justified. What can be taxed is only income that accrues or arises as laid […]...

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Deduction under section 54F on Multiple flats received under JDA

Mrs. S. Suma Vs The Income Tax Officer (ITAT Bangalore)

As far as the deduction u/s. 54F of the Act on the question whether if under a JDA multiple flats are given to the owner whether deduction u/s.54F of the Act can be given, the decision of the Hon’ble High Court of Karnataka and the other decision cited before us supports the plea of the […]...

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Deemed Registration if CIT fails to dispose off sec. 12AA application within 6 months

Visvesvaraya Technological University Vs Commissioner of Income-tax (Exemptions) (ITAT Bangalore)

Visvesvaraya Technological University Vs CIT (Exemptions) (ITAT Bangalore) Assessee has moved an application for registration under section 12A on 25.05.1999, but this application was not disposed of by the CIT and it was kept pending and assessee was persuaded by the Revenue to file another application for registration. Vide letter dat...

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Non-Competent Fee paid is Intangible Asset- Depreciation allowable

The Deputy Commissioner of Income Tax Vs M/s. Sapa Extrusion India Pvt. Ltd. (ITAT Bangalore)

ITAT held that non-compete fee paid is an intangible asset acquired by the assessee on which depreciation has to be allowed u/s. 32(1)(ii) of the act....

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