ITAT Bangalore held that addition of Special Economic Zone books profits while computing books profits under section 115JB of the Income Tax Act is unsustainable in law in terms of Special Bench of Delhi Tribunal decision in the case of ACIT vs. Vireet Investment (P) Ltd.
ITAT Bangalore held that it is not necessary for assessee to establish that the debt, in fact has become irrecoverable; it enough if bad debt is written off as irrecoverable in the hooks of accounts of assessee.
Chase Security Vs ITO (ITAT Bangalore) Section 36(1)(va) and Section 43B(b) operate on totally different equilibriums and have different parameters for due dates, i.e., employee’s contribution is linked to payment before the due dates specified in the respective Acts and employer’s contribution is linked to payment before the due dates specified in the respective Acts […]
ITAT held that Investment referred in Section 142A pertains to Investment made by assessee in construction of property and not investment made in purchase of ready built house property.
ITAT Bangalore held that disallowance under section 14A of the Income Tax Act is restricted to the amount of exempt income earned by the assessee.
The definition of capital asset as per section 2(14) of the I.T.Act is wide enough to include property of any kind held by an assessee (including an unfinished building) and the sale proceeds of the same would be liable for capital gains as long term capital gains or short term capital gains, depending upon the period of holding.
Infosys Ltd Vs ACIT (ITAT Bangalore) ITAT Bangalore held that expenditure reduced from export turnover should also be reduced from total turnover while computing deduction under section 10AA of the Income Tax Act. Facts- During the relevant previous year, the assessee had incurred brand building expenses of Rs.81,79,53,112/-. The brand building expenditure were in the […]
ITAT Bangalore held that deduction under section 80P of the Income Tax Act is duly available to the entities registered under Karnataka Souharda Sahakari Act, 1997.
Section 80AC contemplates denial of deduction in respect of certain provisions of Chapter VI ‘A’ of the Act, if ITR is not filed. Those provisions do not apply to the claim for deduction u/s. 80P.
ITAT Bangalore held that penalty under section 271F of the Income Tax Act leviable as assessee being a habitual defaulter filed income tax return for four years filed belatedly
