Held that cess forms part of the tax and the same cannot be allowed as deduction by virtue of provisions of section 40(a)(ii) of the I.T. Act
Sahyadri Vividdhodesha Areca Vs ITO (ITAT Bangalore) Held that object of section 80P(4) was to exclude cooperative banks that function at par with other commercial banks and noted that as primary agricultural credit societies are not entitled for obtaining a banking license would not be hit by this provision. Facts- Assessee is a society registered […]
Held that deduction u/s 54F is available against new residential house acquired outside India as provisions of section 54F doesn’t use the word ‘in India’.
C. Krishniah Chetty & Co. Pvt. Ltd. Vs ITO (ITAT Bangalore) The grounds raised by the assessee, are only seeking set off of current year loss against income from house property and carry forward of loss to the future years amounting to Rs.76,26,766/-. The Ld.AR vehemently submitted that, the assessee incurred expenses in terms of […]
Even though the agricultural land was converted for non-agricultural purposes, but cultivation of land continued till the date of sale of the land. Thus, the land should have been treated as agricultural land and exempt from capital gain in view of section 2(14).
Bangalore International Airport Ltd. Vs DCIT (ITAT Bangalore) Assessee submitted that Professional or Legal Service expenditure was incurred wholly in connection with entering into various agreements. Most of the expenditure was towards availing of professional and legal services during pre-operative period i.e. before commencement of the commercial operation. In our considered opinion, this expenditure is […]
Explore the ITAT Bangalore order in ACIT vs Davangere District Central Co-op Bank. Understand the deduction of losses due to employee embezzlement. Full analysis and implications.
Since assessee had not brought on record any documentary evidence to show that it had incurred interest expenditure as against the income assessed under the head `income from other sources. Therefore, the addition sustained by the CIT(A) to the extent of Rs.1,83,003 was confirmed.
Explore the implications of Town Essential Pvt. Ltd. vs. CIT (ITAT Bangalore) case. Learn about fair market value, valuation methods, and the significance of the ITAT ruling.
Explore the ITAT Bangalore ruling in ACIT vs. Davangere District Central Co-operative Bank Ltd regarding the deletion of interest addition on non-performing assets (NPA).
