Canara Housing Development Company Vs DCIT (ITAT Bangalore) ITAT held that advances given for purchase of land in the normal course of business of carrying on real estate development, if not recoverable could be allowed as either trading loss u/s 28 of the Act or as expenditure u/s 37 of the Act. In fact, the […]
IRunway India Private Limited Vs DCIT (ITAT bangalore) Facts- The assessee filed its ROI for AY 2015-16 on 27 November 2015 declaring a total income of Rs. 52,289,620 under the normal provisions of the Income Tax Act, 1961 (Act). The AO passed the assessment order dated 26 December 2017 u/s 143(3) of the Act making […]
Mathew Pradeep Francis Vs ACIT (ITAT Bangalore) In the instant case, we noticed that the assessee has made investment in acquiring new residential house property within the time given in section 54 of the Act and also within the time limit prescribed u/s 139(4) for filing revised return of income. Accordingly, following the binding decision […]
Y. Manjula Reddy Vs ITO (ITAT Bangalore) The next impediment in the minds of the tax authorities was that the plot was purchased jointly in the name of the assessee and her husband and hence it should be held that both held 50% right each and hence the assessee could have purchased only her husband’s […]
The entire case of the department is based on the un-corroborated entries found in the computer server which were retrieved by using the forensic tools. These alleged documents collected by the department from the computers of M/s.RNS Infrastructure Ltd., cannot be described as evidence so as to fasten the tax liability on the present assessee.
E-Land Systems Pvt. Ltd. Vs ITO (ITAT Bangalore) There is no dispute with regard to the fact that there could be a time gap between “setting up of business” and actual “commencement of business”. It is also settled principle that the expenses incurred after setting up of business is allowable as deduction. We may gainfully […]
DCIT Vs Muppala Bhasker Reddy (ITAT Bangalore) The next question is how to appropriate the sale consideration for the transfer of land and building if a lump-sum monetary consideration is received by the transferor from the transferee when the transfer is effected through a single conveyance deed. As per section 50C as amended by the Finance […]
SLV Housing Development Corporation Vs ACIT (ITAT Bangalore) Under Section 271(1)(c), two faults or omissions exposes the assessee to concealment penalty i.e. concealment of particulars of income and furnishing inaccurate particulars of such income. The assessee has admitted before the AO that the new auditor appointed, had pointed out certain mistakes in the expenses claimed […]
OnMobile Global Ltd. Vs ACIT (ITAT Bangalore) Section 80JJAA of the Act allows for deduction of additional wages paid to new workmen for an industrial undertaking. While the term “industrial undertaking” has not been defined in section 80JJAA of the Act, it has been defined in other provisions of the Act; like section 10(15) and […]
Mysore Race Club Limited Vs ACIT (ITAT Bangalore) The Income Tax Act prescribes deduction of tax at source u/s 192 to 195 of the Act. The assessee would be liable to deduct tax at source only in respect of payments which are covered by above said sections. The case of the assessee is that it […]
