ITAT Bangalore held that delay of 1809 days in filing of an appeal condoned since reasonable cause shown for the delay. Accordingly, appeal allowed and AO directed to allow Foreign Tax Credit after due verification of Form 67.
Addition of Rs.10 Crore under Section 271(1)(c) was not justified as Revenue failed to specify whether the addition was being made alleging concealment of income or for furnishing inaccurate particulars of income.
The assessee is a wholly owned subsidiary of Samsung Electronics Company Ltd. The assessee filed the return of income for AY 2015-16 on 30.11.2015 declaring a total income of Rs. 238,85,10,090/-.
ITAT Bangalore held that since assessee filed voluminous documents in paperbooks during the course of hearing before ITAT, the matter is remitted back to CIT(A) for consideration of documents furnished by the assessee and fresh decision as per law.
Assessee is a credit cooperative society engaged in the business of providing credit facilities to its members for A.Y. 2014 – 15, filed its return of income after claiming deduction u/s. 80 P (2) (a) of the income tax act.
ITAT Bangalore held that no separate benchmarking of royalty payment required when the margin is accepted to be at arms length price (ALP) by the TPO. Thus, appeal of the revenue dismissed.
ITAT Bangalore rules penalty under Section 271B cannot be levied for technical breach without malafide intention, in the case of Chinnayellappa Chandrashekar.
ITAT Bangalore held that interest income received from co-operative society or co-operative banks is eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, matter restored to AO to examine the source of interest income.
ITAT directs fresh examination in Ambasa Babansa Raibagi case due to PAN linking error, remitting the Rs. 25.66 lakh addition back to AO.
ITAT Bangalore condones a delay in tax audit filing due to trustee’s illness, directing further assessment per CBDT’s order for tax benefit eligibility.
