ITAT Bangalore held that the share premium received by the company is in excess of fair market value of the share, the addition thus made u/s. 56(2)(viib) of the Income Tax Act is found to be just and proper.
ITAT Bangalore held that the compensation paid for delay in handing over of possession of the property is the liability that arose in the course of business of assessee and hence allowable as business expenditure.
ITAT Bangalore held that disallowance of interest u/s. 36(1)(iii) of the Income Tax Act unjustified as interest bearing funds not utilized towards purchase of capital assets (i.e. land).
ITAT Bangalore held that deduction u/s. 80P(2)(a)(i) of the Income Tax Act in respect of credit facilities provided by Souharda Co-operative Society to its members if requirement of mandatory maintaining of funds as per Karnataka Souharda Sahakari Act, 1997 is satisfied.
In the case of Bharat Electronics Ltd. Vs ACIT (ITAT Bangalore), the reassessment was found void as it relied on a mere change of opinion without new evidence.
ITAT Bangalore held that transfer of land specified as agricultural land in revenue records and which is used for agricultural operations, cannot be considered as transfer of capital asset. Hence not taxable under Capital Gains.
Analysis of ITAT Bangalore’s decision in Sindhi Youth Association vs ADIT, focusing on set-off of earlier year’s excess application to subsequent year’s income under Section 11 of the Income Tax Act for Charitable Trusts.
ITAT Bangalore held that TDS are not applicable as EPFO have not provided rent free accommodation to employees, as employees are paying license fees as per Rules of Govt. of India.
ITAT Bangalore held that payments received towards interconnectivity utility charges from Indian customers / end users cannot be considered as Royalty to be brought to tax in India under section 9(1)(vi) of the Income Tax Act and also as per DTAA.
Analyzing ITAT Bangalore’s ruling in Yashaswi Fish Meal and Oil Company Vs DCIT, exploring the role of sworn statements in tax assessments.
