R.N. Shetty Trust Vs ACIT (ITAT Bangalore) As per Section 153C of the Act, the Assessing Officer of searched person shall proceed against such other person on reaching satisfaction that any undisclosed income belonging to such other person over whom he has no jurisdiction then he has to transmit the seized material to the Assessing […]
JCIT Vs United Spirits Limited (ITAT Bangalore) It is not in dispute that the shares of M/s. Lee Edges were purchased by the assessee in the Financial Year 2003-04 and those of M/s. Shaw Wallace Breveries Ltd., were purchased in the Financial Year 2001-02 were unlisted shares. These shares were sold in Financial Year 2004-05. […]
Shri Lakshmi Narayana Prasad Vs ITO (ITAT Bangalore) In this case, the claim of assessee u/s. 54 was denied on the reason that assessee has not filed any supporting evidence to show the sale consideration was reinvested in new residential property. Before us, the ld. AR pointed out to the copies of bank statements and […]
Yeshoda Electricals Vs ACIT (ITAT Bangalore) This notice issued u/s. 148 is a manual notice and not a digital document. The digital document only does not require signature. A manual notice u/s. 148 is required to be dated and duly signed by the Officer who is issuing the same. A notice or an order without […]
Lam Research (India) Pvt. Ltd. Vs DCIT (ITAT Bangalore) It was submitted that Working capital adjustment is made for the time value of money lost when credit time is given to the customers. The Assessee however does not bear any risk and has no working capital contingencies. The Assessee has not incurred any expenses for […]
Babulal Vs ITO (ITAT Bangalore) In cases of purchase and sale of land as laid down by the Hon’ble Supreme Court in the case of Raja J.Rameshwar Rao (supra), a decision on which the learned DR placed reliance, the intention at the time of purchase will be a relevant factor. When a person acquires land […]
Shri. Suresh Sreeram Vs ITO (ITAT Bangalore) It is an undisputed fact that in AY 2016-17 the partnership firm incurred heavy losses from its business and was not in a position to pay any interest on capital for the investment. Due to the poor financial condition of the partnership firm, the partners of the firm […]
Prakash Chand Bethala Vs DCIT (ITAT Bangalore) Section 50C provides that where the consideration received or accruing as a result of transfer by an assessee of a capital asset being rent or building or both is less than the value adopted or assessed by any authority for the purpose of payment of stamp duty in […]
Prakash Chand Bethala Vs DCIT (ITAT Bangalore) In the present case, the AO applied the provisions of section 50C of the Act on the basis of Sale Deed executed by the assessee on 9.3.2007. At this stage, it is appropriate to observe that there was an Agreement of Sale executed by assessee on 8.3.1993 and […]
Absence of earning any interest income on capital from the firm is no bar to claim the interest paid on borrowings for the purpose of contributing capital to the firm by the assessee as deductible expenditure.
