Absence of earning any interest income on capital from the firm is no bar to claim the interest paid on borrowings for the purpose of contributing capital to the firm by the assessee as deductible expenditure.
ITAT Bangalore ruling on jewellery dispute. Assessing gold bullion, jewellery values. Assessee vs DCIT case details. Read the full judgment.
Assesse was under a bonafide belief that cash medical benefit were only reimbursement of the expenditure incurred by the employees, and as such they could not form part of their income, therefore, no tax could be recovered from the employer on account of short deduction of tax at source under section 192(1), if a bona fide estimate of salary taxable in the hands of the employee was made by the employer.
JCIT (OSD) Vs Kingfisher Airlines Limited (ITAT Bangalore) The first issue is related to disallowance of helicopter expenses. We notice that the A.O. was constrained to make adhoc disallowance since the assessee has failed to furnish details called for by the A.O. We also notice that the assessee did not appear before Ld. CIT(A) also. […]
Ashok B Sureban Vs ACIT (ITAT Bangalore) AO levied penalty u/s. 271AAB of the Act on account of undisclosed income declared by the assessee during the post-survey proceedings on 6.8.2015. Against this, the assessee went in appeal before the CIT(Appeals). The CIT(Appeals) confirmed the levy of the penalty u/s. 271AAB of the Act. Aggrieved, the […]
We hold that the assessee is not liable to deduct tax at source from the interest payments made to Associate members as per sec.194A(3)(v) of the Act.
Disa India Limited Vs ITO (ITAT Bangalore) The Tribunal in assessee’s own case for assessment year 2012-2013 (supra) had directed to do afresh transfer pricing analysis and determine the ALP of international transactions with regard to group service fees paid by the assessee to its AEs. In view of the Tribunal order in assessee’s own […]
Karnataka Power Corporation Limited Vs ACIT (ITAT Bangalore) Hon’ble jurisdictional High Court in the case of M/s. Kothari Industrial Corporation Limited v. The Agricultural Income Tax Officer reported in 230 ITR 306 had held that the period of limitation for a second rectification should be reckoned from the date of original order, if subject matter […]
ACIT Vs Eagleton Property Holdings (ITAT Bangalore) Whether the deduction under section 80IB(10) can be allowed on proportionate basis in respect of residential units having a built up area of 1500 sq.ft. or less. On this aspect, the CIT(A) held that the assessee would be entitled to deduction under section 80IB(10) of the Act on […]
Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) We respectfully following the aforesaid judgment of the Honable High Court of Bombay in the case of Sesa Gold Limited (supra), therein conclude that ‘Education Cess’ and the Secondary and Higher Education Cess is not disallowable as a deduction u/s 40(a)(ii) of the Act. FULL […]
