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 […]
Krishna Prasad Mikkilineni Vs DCIT (ITAT Bangalore) In the instant case also we have noticed that the assessee has given only permissive possession and not legal possession. Accordingly, following the above said decision of the coordinate bench, we hold that the transfer has not taken place during the year under consideration. Accordingly, capital gain is […]
Fortigo Network Logistics Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the instant case, both the additions, i.e., addition made u/s 56(2)(viib) of the Act and sec.68 of the Act relate to the share premium amount, i.e., both the additions arise out of common issue only. The assessee has also filed certain additional evidences. We earlier […]
Godha Realtors Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the instant case, it is not the case of the AO that the provisions of sec. 53A of the Transfer of Property Act would apply to the impugned transaction. In fact, it is the submission of the assessee that the possession was never given to Shri […]
Synamedia Ltd. [formerly known as ‘NDS Limited’] Vs ACIT (ITAT Bangalore) It is the case of the Assessee that the receipts in question are pure reimbursement of expenses incurred by the Assessee for and on behalf of NDS Pay TV. It is the case of the revenue that (Para 2.1 of AO’s order) that reimbursement […]
Randox Laboratories India Private Limited Vs ACIT (ITAT Bangalore) The core issue arising for consideration is, whether the international transaction relating to purchase of reagents, spares, consumables from the AE is a simple trading activity, hence, can be benchmarked under RPM. Before we advert to the core issue, it is necessary to understand the activities […]
