The fiction created by Section 11 of the Acquisition Act, does not imply that the assessee bank would also become a company for the purpose of the Companies Act for which Clause (b) of Sub-Section 2 of Section 115JB is applicable.
ITAT Bangalore held that interest due to delayed payment of custom duty is deductible u/s 37 of the Act as it is an accretion to the main payment and not a penalty and accordingly allowable as deduction.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
ITAT Bangalore allows appeal for Saraswathi M Khjuri, remanding the case for fresh adjudication due to communication errors and procedural concerns in the assessment process.
ITAT Bangalore held that there was no proper response during the assessment proceedings as well as in the appellate proceedings. Accordingly, issue remanded back to the file of AO subject to payment of costs of Rs. 5,000.
ITAT Bangalore directs fresh adjudication after non-appearance due to hearing notices sent to a non-communication email. Assessee’s appeal allowed for statistical purposes.
ITAT Bangalore condones 140-day delay in filing an appeal due to incorrect advice from a tax consultant, allowing the case to be heard on merit.
ITAT Bangalore allows Vikas Co-operative’s appeal, stating addition under Section 69A cannot be made solely on the basis of not accepting demonetized currency.
ITAT Bangalore rules CIT(A) cannot dismiss an income tax appeal on limitation grounds after con-doning the delay. Case remitted for fresh consideration.
ITAT directs fresh adjudication in Prakruthi Mahila Credit Society vs ITO case after 5 rapid notices were issued by CIT(A) within 40 days, disregarding Form 35 facts.
