ITAT Bangalore

Amount W/off not allowable for which suit been filed till disposal of such suit

Health and Glow Retailing Pvt. Ltd. Vs. The Assistant Commissioner of Income Tax (ITAT Bangalore)

Health and Glow Retailing Pvt. Ltd. Vs. ACIT (ITAT Bangalore) Assessee has taken premise on rent for which he has given interest-free refundable security deposit of Rs. 11,70,000 to the landlord. When the assessee could not continue with the possession, he claimed the entire amount back which was not given by the landlord, therefore he [&...

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Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore)

Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

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Addition U/s. 69 justified for Excess gold recovered from employees

Fusion-Jewels of South Vs. Dy. CIT & Ors. (ITAT Bangalore)

Where assessee did not explain satisfactorily about excess gold found from his employee’s possession, addition made under section 69 was as such, rightly made....

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Texport Overseas: Analysis of Case on omission of Section 92BA(i) from Income-tax Ac

In the recent landmark judgement of Texport Overseas Private Limited v. DCIT [IT(TP)A No. 1722/Bang/2017], Honorable Bangalore Tribunal held that: it would be deemed that clause (i) of Section 92BA of the Income-tax Act, 1961 (‘the Act”) was never been on the statute as it has been omitted w.e.f. April 01, 2017 vide Finance Act, 2017 ...

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Omission of clause from statue- Deemed to be from inception or not?

Texport Overseas Private Limited Vs. Dy. CIT (ITAT Bangalore)

Pursuant to the amendment made by Finance Act 2017, omission of clause (i) of Section 92BA of the IT Act, 1961 be deemed to be removed from statute since the beginning until and unless there is some saving clause or provision that pending proceedings shall be continued and be disposed off under old rules....

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ALP adjustment for excess credit period to AEs without charging any interest

Nuance Transcription Services India (P.) Ltd. v Dy. CIT (ITAT Bengaluru)

ITAT Bengaluru held in the case of Nuance Transcription Services India (P.) Ltd. v Dy. CIT that Outstanding Receivables from AE is an international transaction as per Explanation to Section 92B inserted by the Finance Act 2012 and non-charging of interest for a period exceeding 6 months requires ALP adjustment....

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Provisions of section 14A cannot be invoked if there is no exempt income

M/s. UB Infrastructure Projects Limited Vs. The Deputy Commissioner of Income Tax (ITAT Bangalore)

Undisputedly the assessee has not earned any exempted income. Now it is settled position of law that whenever assessee did not earn any exempt income, no dis allowance could be made u/s. 14A of the Act. ...

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AO should allow credit of TDS deducted and deposited wrongly in assessee’s erstwhile name

iGate Infrastructure Management Services Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (Appeals)-3, Bengaluru has erred in not allowing credit in respect of TDS deducted and deposited by certain customers wrongly in the erstwhile name of the appellant (IT &T Technology Services Limited now known as IGATE Infrastructure Management Services Limited) of Rs. 61,84,211....

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Credit co-operative society providing credit facilities to members can claim deduction u/s 80P(2)(a)(i)

The Income-tax Officer Vs. The Somavamsha Sahasrajuna Kshatriya Credit Co-operative Society (ITAT Bangalore)

The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961. ...

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Interest on borrowing not allowable u/s. 36(1)(iii) if not used for business purpose

The Joint Commissioner of Income Tax (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore)

JCIT (Asst.) Vs. M/s. Bharath Beedi Works Ltd. (ITAT Bangalore) Objection of the AO is that  borrowing from Directors and shareholders is not for business purpose. The AO has noted that even as per the assessee’s contention, if the assessee had an intention of starting a branch in Orissa, the same appears to have remained […]...

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