Skava Electric Pvt. Ltd. Vs ACIT/DCIT (ITAT Bangalore) ITAT held that assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) of the I.T.Act. It was further held by the ITAT that […]
Green Orchard Farm Houses Vs DCIT (ITAT Bangalore) The Ld.AR has placed reliance on the judgment of Hon’ble Supreme Court in the case of ACIT & anr. Vs. Hotel Blue Moon reported in (2010) 321 ITR 362 wherein Hon’ble Supreme Court held that an omission on part of the Assessing Officer u/s. 143(2) cannot be […]
Explanatory memorandum to the Finance Act, 2021 proposing amendment in section 36(1)(va) as well as section 43B is applicable only from 01.04.2021. These provisions impose a liability on an assessee and therefore cannot be construed as applicable with retrospective effect unless the legislature specifically says so. In the decisions referred to by us in the earlier paragraph of this order on identical issue the tribunal has taken a view that the aforesaid amendment is applicable only prospectively i.e., from 1.4.2021.
In our view, the loss on account of forfeiture of advance paid to Mr. Rakesh Rastogi is incidental to the business of the assessee and is allowable as a deduction under section 37(1) or under section 28 of the Act as held by the Hon’ble Bombay High Court in the case of Harshad J. Choksi (supra).
(i) Rule 128(9) of the Rules does not provide for disallowance of FTC in case of delay in filing Form No.67; (ii) Filing of Form No.67 is not mandatory but a directory requirement and (iii) DTAA overrides the provisions of the Act and the Rules cannot be contrary to the Act.
Madhu Solanki Vs ITO (ITAT Bangalore) In the present case, First of all, the outstanding balances related to the purchases made during the year under consideration and not brought forward balances. The AO did not get reply from both the trade creditors and hence he proceeded to assess the outstanding balances, while accepting the purchases […]
Explore the ITAT Bangalore case of Anand Sweets vs DCIT. Learn about the disallowance of employees’ contribution, legal arguments, and the victory for the assessee.
Dr. Chandrashekar Foundation Vs CIT (ITAT Bangalore) With regard to issue relating to repayment of loan, we modify the direction of the CIT (Exemptions) and direct the A.O. to examine this claim afresh i.e. if the cost of assets acquired out of loan funds have already been allowed as application of income, then the repayment […]
ITAT has taken the view that it is open to the parties in Transfer Pricing cases to take a stand contrary to their TP study, if they contend that the stand taken in the TP study is contrary to facts or was erroneous. Such a claim cannot be disregarded only on the basis that it is contrary to Assessee’s own stand in the TP study.
ACIT Vs e4e Business Solutions India Pvt. Ltd. (ITAT Bangalore) TPO should choose the internal comparable in controlled transaction as against an external comparable The underlying object behind computing ALP of an international transaction is to find out the profits which such enterprise would have earned if the transaction had been with some third party […]
