Section 80AC contemplates denial of deduction in respect of certain provisions of Chapter VI ‘A’ of the Act, if ITR is not filed. Those provisions do not apply to the claim for deduction u/s. 80P.
ITAT Bangalore held that penalty under section 271F of the Income Tax Act leviable as assessee being a habitual defaulter filed income tax return for four years filed belatedly
ITAT Bangalore held that where the assets and liabilities of an undertaking are sold as a group or lumped together such a sale would qualify as a slump sale Accordingly capital gain on the same should be computed as section 45 to 50 of the Income Tax Act.
ITAT Bangalore held that interest on deposits kept with scheduled banks only the net interest i.e. the interest income reduced by the administrative expenses and other proportionate expenditure to earn the said income had to be brought to tax u/s 56 of the I.T. Act.
Balaji Auto Enterprises Mysore Pvt. Ltd. Vs ACIT (ITAT Bangalore) ITAT observe from the order of the AO that the assessee has received cash more than 2.00/- Lakh from the four parties on different dates. As per the opinion of the AO the assessee has violated the provision of section 269ST, therefore, he imposed the […]
ITAT Bangalore held that orders passed u/s 92CA of the Income Tax Act without mentioning of Document Identification Number (DIN) is invalid and deemed to have been never issued. Hence TP adjustments made through the order is also invalid.
ITAT Bangalore held that from clause (5) of Guidance Note issued by ICAI that the cost of construction and also saleable project area needs to be taken into account while recognizing revenue under the Percentage Completion Method.
DCIT Vs Automac Diesels (ITAT Bangalore) ITAT held that addition can be made in respect of the employees’ contribution in regard to PF/ESI, which has not been deposited within the stipulated date as per the respective Act, since in the case on hand, the assessee has not deposited the employees, contribution within the due date […]
ITAT Bangalore held that once the confirmation letter was filed by the assessee from Donor, the burden cast upon assessee is discharged and it would shift to revenue authorities. The Revenue authorities cannot make addition towards unexplained deposits without making any further enquiry.
ITAT Bangalore held that merely for the reason that the assignment agreement is not registered, the actual outflow from the hands of the assessee towards acquisition of the property cannot be ignored for computing the capital gains.
