ITAT Bangalore

Provision for warranty expenses should be reliable: Apple India case

India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

ITAT opined that the assessee derived advantage by deferring its income to the extent of excess warranty provision to subsequent years. Therefore, such excess provision cannot be allowed as a deduction as it cannot be said to be reliable. ...

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Exemptions u/s 11(1)(d) cannot be denied for mere non claim in ITR

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore)

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Government of India, as a part of grant of Rs.10...

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Filing of return before due date is Mandatory to claim deduction u/s 80IA

Smt. Revathi Raju Vs The Income Tax Officer (ITAT Bangalore)

The AO was of the view that as per the provision of section 80AC of the Act any deduction under Chapter-VI A of the Act (Sec. 80IA of the Act is part of Chapter VIA of the Act) can be claimed only if the return of income for the relevant assessment year is filed on or before the due date prescribed u/s 139(1) of the Act. Since the assesse...

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Exemption U/s. 54F cannot be denied for investment of amount in Mutual Funds before Purchase of property

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

In terms of Section 54F the assessee is only entitled to proportionate exemption vis-a-vis, cost of the original asset and the cost of the new assets. In the light of the above, the AO is directed to recomputed the capital gains exemption....

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Notice not become invalid for Mere mention of wrong section i.e. 153A instead of 153C

Dy. CIT Vs K.M. Nagaraj (ITAT Bangalore)

The only mistake on the part of AO was in mentioning section 153A, instead of section 153C. If this mistake was not allowed to be cured, the very purpose and object of enacting section 292B would be defeated as impugned notice in substance and effect, was in conformity with or according to the intent and purpose of the Act....

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ITAT dismisses appeal on failure to file revised Form No. 36 post amalgamation

EADS India (P) Ltd. Vs Dy. CIT (ITAT Bangalore)

Rights and liabilities of erstwhile company were transferred to new company, therefore, it was essential to move an application for filing on record the amended memo of parties and also to file a fresh Form 36, mentioning the amalgamation of the assessee company with new company to peruse appeals in the name of new entity. Since assessee ...

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TDS deductible on Rent-Free Accommodation provided to Employees of Society

National Dairy Research Institute Vs Asst. (ITAT Bangalore)

This is an appeal filed by the assessee directed against the order of the learned Commissioner of Income-tax (Appeals)-13, Bengaluru [CIT(A)] dated 21/06/2017 for the assessment years 2011-12 to 2013-14....

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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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