ITAT rules that a co-op bank’s dealings with nominal members do not violate mutuality, allowing a deduction under Section 80P. It also clarifies rules for interest income from deposits.
ITAT Bangalore rules that interest on mandatory SLR/CRR deposits made by co-operative banks is eligible for Section 80P deduction, distinguishing it from surplus funds.
The Income Tax Appellate Tribunal (ITAT), Bangalore, ruled that capital gains from the sale of a property gifted by a husband to his wife must be clubbed with the husband’s income, not the wife’s, under Section 64(1)(iv) of the Income Tax Act.
The ITAT Bangalore has remanded the transfer pricing case of Andante Foods LLP, directing the firm to provide audited financials of its foreign subsidiary to justify its selection as a tested party.
The Income Tax Appellate Tribunal (ITAT), Bangalore, has set aside the ex-parte assessment and appeal orders against a taxpayer after discovering all notices were sent to an old, incorrect email address.
ITAT, Bangalore, set aside CIT(E)’s rejection of Hamza Welfare Trust’s application for permanent registration under section 12AB and approval under section 80G.
ITAT Bangalore held that interest on housing loan is allowed to be included in cost of acquisition of capital asset under section 48 of the Income Tax Act provided the same is not claimed as deduction u/s. 24(b). Accordingly, matter restored back to AO for verification.
ITAT Bangalore rules against taxing SBNs as unexplained cash when deposits are linked to legitimate business sales, preventing double taxation.
The ITAT Bangalore quashed a PCIT order, ruling that the premature hearing and subsequent order violated natural justice, remitting the case for a fresh hearing.
The ITAT Bangalore ruled that the CIT(A) erred by dismissing a tax appeal without a hearing, violating natural justice. The case was remanded for a fresh hearing.
