To the extent of the interest earned from investments made by it with any co-operative society, a co-operative society is entitled to deduction of the whole of such income under section 80P(2)(d) of the Act. However, interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act.
Kontoor Brands Pvt. Ltd. Vs ACIT (ITAT Bangalore) The issue on merit is regarding allowability of depreciation on intangible assets. On this aspect, the issue is covered by the Tribunal order rendered in the case of DCIT Vs. V.F. Arvind Brands Pvt. Ltd. (supra). Para nos. 12 of this Tribunal order are relevant in this […]
Gangagen Biotechnologies Pvt. Ltd. Vs PCIT (ITAT Bangalore) Bombay High Court in the case of CIT vs. Western Outdoor Interactive Pvt. Ltd. (349 ITR 309) has held that whether a benefit of deduction is available for a particular number of years on satisfaction of certain conditions and under the provision of Act, then without withdrawing […]
Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore) We notice that there was difference of opinion between the assessee and the AO in respect of extent of land that is assessable to wealth tax. While the case of revenue is that entire vacant land admeasuring 2,54,020.58 sq.ft is assessable to wealth tax, the case […]
Biocon Ltd. Vs ITO (ITAT Bangalore) Present Miscellaneous Petitions are filed by assessee seeking rectification of typographic mistakes in order dated 14.06.2021 passed by this Tribunal in the above referred appeals. We have perused the order passed by this Tribunal viz-a-viz the submissions advanced by both sides and the records placed before us. We note […]
Neogenetics Foods Private Limited Vs DCIT (ITAT Bangalore) From the perusal of the final Assessment Order (paragraph 4.5) it is clear that the only reason given by the AO for not accepting the genuineness of the transaction with M/s. Manoj Traders and M/s. K. S. Enterprises is failure of the assessee to furnish copy of […]
Maheshwari Woods Pvt. Ltd. Vs DCIT (ITAT Bangalore) Amended provisions of section 43B as well as 36(1)(va) of the I.T.Act are not applicable for the assessment years under consideration as these are applicable from assessment year 2021-2022. By following the binding decision of the Hon’ble jurisdictional High Court in the case of Essae Teraoka Pvt. […]
In the instant case, there is no relation whatsoever between the interest expenditure from a mortgaged loan and the payment received for rendering certain services. Advancing interest free loans to the employer company cannot be a ground for claiming deduction of interest expenditure from the salary income received from it.
Centum Electronics Ltd. Vs DCIT (ITAT Bangalore) Hon’ble Supreme Court, while deciding the identical issue in the case of Maruti Suzuki India Ltd held that assessment order passed on a nonexistent entity is without jurisdiction and deserves to be set aside. Fact of the case before the Hon’ble Supreme Court clearly shows that the notice […]
Sameer Granites Pvt.Ltd. Vs ACIT (ITAT Bangalore) In the instant case, the assessee had submitted that the orders passed u/s 200A of the Act were never served on the assessee physically or otherwise. It was stated that intimation u/s 200A downloaded from the office of the Assessing Officer by the Tax Professional, was not communicated […]
