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ITAT Bangalore

Transfer pricing disallowance as assessee failed to prove any benefit not justifiable: ITAT Bangalore

January 29, 2025 252 Views 0 comment Print

ITAT Bangalore held that merely because the assessee has failed to prove any benefit from services received the disallowance of transfer pricing cannot be made. Accordingly, one more opportunity granted to assessee to prove the case.

143(1) (a) mandates issuance of notice before making adjustment: ITAT

January 25, 2025 456 Views 0 comment Print

Assessee has preferred an appeal before Addl/JCIT(A) who allowed the appeal by observing that the ICDS adjustments were made under the head ICDS-I & ICDS-VI relates to accounting policies and changes in the exchange rates.

Non-application of mind to legal issues justifies revisionary action u/s. 263

January 24, 2025 312 Views 0 comment Print

Thereafter, PCIT called for the assessment records and examined the proceedings. CIT(A) after going through the case records and assessment records took a view that the order passed by the AO is erroneous and prejudicial to the interest of revenue.

Section 269SS non-compliance due to bonafide belief: Section 271D Penalty deleted

January 21, 2025 801 Views 0 comment Print

ITAT Bangalore held that penalty under section 271D of the Income Tax Act not imposable for acceptance of cash on transfer of agricultural land as non-compliance with section 269SS of the Income Tax Act was due to bonafide belief.

Increased income on account of voluntary TPA would be eligible for claiming deduction u/s 10AA – ITAT

January 20, 2025 210 Views 0 comment Print

On appeal CIT (A) held that disallowance u/s 10AA can be made only when the total income is enhanced by the AO or TPO. Co-ordinate bench has already decided this issue for AY 2014-15 and disallowance u/s 10AA was deleted.

Delay in Form 10B Filing: ITAT Directs CIT(A) to Review Petition

January 16, 2025 609 Views 0 comment Print

ITAT remands case to CIT(A) for review of delayed Form 10B filing by Jagadguru Shivanand Human Welfare Association. Appeals for Section 11 exemption continue.

Non-granting of accumulation of income u/s. 11(2) unsustainable since delay in Form 10 condoned

January 8, 2025 141 Views 0 comment Print

ITAT Bangalore held that non-granting of accumulation of income under section 11(2) due to delay in filing Form 10 not justified since delay was condoned by appropriate authority. Accordingly, appeal allowed in favour of assessee.

Addition towards entire bogus purchases not justified only gross profit to be considered

January 2, 2025 351 Views 0 comment Print

AO, based on the information, found that both suppliers were subject to proceedings and were found guilty of economic offenses punishable under the relevant CGST Act, 2017, and KGST Act, 2017.

LIBOR rate to be taken as base for interest computation as invoice raised in foreign currency

December 31, 2024 303 Views 0 comment Print

ITAT Bangalore held that interest rate should be charged on the basis of prevailing LIBOR rate and no SBI PLR rate since invoices are raised in foreign currency. Accordingly, it is directed to TPO to apply LIBOR rate as basis for computation of interest.

VAT Penalty Payment Not Deductible Under Section 37: ITAT Bangalore

December 30, 2024 531 Views 0 comment Print

ITAT Bangalore rules that VAT penalty payments cannot be deducted under Section 37 of Income Tax Act, remanding case for further examination.

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