ITAT Bangalore

CIT (A) justified in directing AO to examine issue of deduction U/s. 54F

Ms. Zeba Shereen Vs ITO (ITAT Bangalore)

Learned DR submitted that the AO has failed to examine the claim for deduction under section 54F of the Act during the course of assessment proceedings as required by the law. Accordingly, the learned DR submitted that the revision order passed by the learned CIT does not call for any interference. ...

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Split residency conundrum resolved by Bangalore ITAT through ‘centre of vital interest’ test

DCIT Vs. Sri Kumar Sanjeev Ranjan (ITAT Bangalore)

nder the Indian income tax law, the scope of taxable income depends upon the residential status of an assessee. In case of an individual, residential status depends on the number of days of stay in India in a given tax year.  ...

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Section 115JB not applies to assessee governed by Special Acts & Rules

ITO Vs M/s. Atria Hydel Power Ltd. (ITAT Bengalore)

Provisions of section 115JB would not be applied to assessee-company where assessee was governed by different Acts and Rules, and was not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act....

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ITAT Grants stay on demand to Google on Payment of Rs. 475 Crore as Tax

M/s. Google India Private Ltd. Vs JCIT (ITAT Bangalore)

M/s. Google India Private Ltd. Vs. JCIT (ITAT Bangalore) After considering the existence of prima facie case, balance of convenience, relative hardship, the earlier orders of the Tribunal and the orders of the Hon’ble High Court of Karnataka in the case of the Assessee on identical issue of grant of stay, the offer to pay […]...

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Exemption U/s. 54F allowed for Investment in purchase of Villa routed through mutual funds

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) In the present case, the capital asset was sold on 26.02.2011. The capital asset was purchased on 31.03.2011 and before the purchase of the capital asset the amount was deposited in mutual funds. Therefore in the considered opinion of the bench, before the date of filing of […]...

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Audit fees/bank charges, communication & office expenses allowable U/s. 37

HIPL India Private Ltd. Vs ACIT (ITAT Bangalore)

Conclusion: Receipt of agency commission, travel by directors to explore possibilities of getting business and taking premises on lease for the purpose of manufacturing activity was sufficient to conclude that business of assessee had been set up during the relevant previous year, therefore, assessee was entitled to claim deduction of all...

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Receipt under Google AdWord Program is Business Profit: ITAT reiterates

M/s. Google Ireland Ltd. Vs DCIT (ITAT Bangalore)

Google Ireland taxable in India for the advertisements directly placed by the advertisers under AdWord Program as the same constitute business profits....

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No deemed dividend in case of loan to borrower not being shareholder

Microfinish Valves Private Limited Vs ACIT (ITAT Bengalore)

Microfinish Valves Private Limited Vs ACIT (ITAT Bengalore) No deemed dividend u/s 2(22)(e) in case loan to borrower not being shareholder in lender company Conclusion: Since assessee was not a shareholder in lender company, therefore, AO was unjustified in taxing loan received by assessee as deemed dividend under section 2(22)(e). Held: ...

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Interest on borrowing to pay earliest money deposits allowable as deduction u/s 36(1)(iii)

DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore)

DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore) Conclusion: Deduction was allowable under section 36(1)(iii) on interest on borrowing to pay earnest money deposits (EMD) to purchase properties being lands, flats, etc. as the same was for purpose of assessee’s business of acquiring properties. Held: In the present case, a...

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Interest on enhanced compensation on compulsory acquisition by government eligible for exemption u/s 10(37)

ITO Vs Shri Vinayak Hari Palled (ITAT Bangalore)

Assessee was eligible for exemption under section 10(37) on interest received by him on enhanced compensation as the same partook the character of compensation paid by government on compulsory acquisition of assessee’s agricultural land....

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