Sri Channamallikarjuna Trust Committee Gangavathi Vs CIT (Exemption) (ITAT Bangalore) Sec. 80G applies only to charitable trusts or institutions. It does not apply to religious trusts or institutions whereas scheme of exemption u/s 12A applies to both charitable as well as religious trusts. Section 80G of the Income Tax Act’1961 provides deduction while computing the […]
K. V. Sridhar Vs ITO (ITAT Bangalore) Sec.56(2)(vii)(a) of Income tAx Act will apply only when any sum of money is received, without consideration, the aggregate value of which exceeds fifty thousand rupees. Admittedly, the assessee received the sum of Rs.1.60 Crores for giving up his rights over some of the items of the suit […]
Bangalore Metro Rail Corporation Ltd. Vs DCIT (ITAT Bangalore) We note that Ld. CIT(A) dismissed the appeal in limine due to the delay caused in filing the appeal before him. The affidavit that was filed by the assessee before the Ld. CIT(A) reveals that, assessee was subjected to wrong professional advice on the issues that, […]
The Income-tax Act does not authorize levy of tax on the same amount of income more than once. A particular amount of income can be assessed only for once for a particular assessment year.
Stella Maris Church Malpe Vs ITO (Exemptions) (ITAT Bangalore) We notice that the date of hearing of the appeal i.e. 23.12.2021 was announced on the earlier occasion on 6.11.2021. On that day, the counsel of the assessee Smt. K. Soumya, Advocate has taken note of the date of hearing and hence there was no necessity […]
Infosys Ltd. Vs DCIT (ITAT Bangalore) This stay petition is filed by the assessee seeking extension of stay granted by the Tribunal in SP No.83/Bang/2021 dated 29.10.2021 against the outstanding demand of Rs.1029,20,96,950 for the assessment year 2012-13. 2. The ld. AR submitted that the extension of stay was earlier granted by the Tribunal in […]
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 […]
