ITAT Bangalore

STCG or LTCG on transfer of ESOP options depends on holding period

N. R. Ravikrishnan Vs ACIT (ITAT Bangalore)

Gain arising on transfer of ESOP options should be taxed as long term capital gains where the holding period was more than 3 years as assessee acquired a valuable and transferable right and the right of share constituted capital assets from the date of grant....

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Payment to non-resident to purchase advertisement space for resale to advertisers in India constitutes Royalty

Google India (P.) Ltd. Vs Jt. DIT (ITAT Bangalore)

Payment to non-resident towards purchase of advertisement space for resale to advertisers in India constituted ‘Royalty’ under section 9(1)(vi) and assessee was under an obligation to withhold tax under section 195....

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Exemption u/s. 54F on multiple units in same building received under JDA

Smt. Roopa Vs ITO (ITAT Bengalore)

Smt. Roopa Vs ITO (ITAT Bengalore) ITAT held that assessee’s claim for exemption u/s 54/54F of the Act in respect of 2 flats in the same residential building complex is squarely covered in favour of the assessee by the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Smt. K. G. […]...

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Exemption u/s 54 cannot be denied for mere non completion of construction of flat by builder within stipulated period

ACIT Vs Shri Dilip Ranjrekar (ITAT Banaglore)

ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within the stipulated period is beyond [&hellip...

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Auditor cannot be an accountant for the purposes of Rule 11UA (2)

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore)

M/s. Kottaram Agro Foods Pvt. Ltd. Vs ACIT (OSD) (ITAT Bangalore) At the very outset, it was submitted by ld. DR of revenue that as per para 4.2 of the assessment order for Assessment Year 2014-15 and para no. 4.3 of the assessment order for Assessment Year 2015-16, it is noted by the AO that […]...

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Exemption U/s 54 available on amount invested despite non-completion of construction by builder within prescribed time

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore)

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]...

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Mere license to enter property to carry out development cannot be treated as Transfer in JDA

Smt. Lakshmi Swarupa Vs ITO (ITAT Banglore)

Smt. Lakshmi Swarupa Vs ITO (ITAT Banglore) In the present case, the clause in the JDA regarding possession clearly states that what is given is not possession contemplated u/s. 53A of the Transfer of Property Act and that it is merely a license to enter the property for the purpose of carrying out development. Further, […]...

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Loss due to reduction in Face Value of share capital is Capital Loss

M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore)

Section 2(47) is containing an inclusive definition and inter alia, it provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset....

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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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