Vascular Concepts Limited Vs DCIT (ITAT Bangalore) For these assessment years as well, the Revenue has not established that conditions stipulated u/s 36(2) of the I.T.Act was not fulfilled with respect to any of the debts which were written off by the assessee during the previous years. Under these circumstances, we are of the view […]
N.A. Haris Vs Add. CIT (ITAT Bangalore) In this case, there is no dispute that the agreement to sale the impugned residential flats were entered into financial years 2006-2007 and 2007-2008. There is no dispute for this fact. Now the contention of the assessee is that for determining guideline value by invoking the provisions of […]
R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that “Notwithstanding anything […]
Golf View Homes Limited Vs ACIT (ITAT Bangalore) From a perusal of the order of AO/CIT(A) it is clear that the disallowance has been made on the basis of the proviso to Sec.36(1)(iii) of the Act. There is no dispute that the interest free loans were given for the purpose of business of the Assessee. […]
Ayi Vaman Narasimha Acharya Vs DCIT (ITAT Bangalore) Under section 45(1) of the Act, the charge on capital gain is in the year of transfer. Section 45(1) of the Act clearly lays down that any gain arising on the transfer of the capital asset effected in the previous year shall be chargeable to income tax […]
R.N. Shetty Trust Vs ACIT (ITAT Bangalore) As per Section 153C of the Act, the Assessing Officer of searched person shall proceed against such other person on reaching satisfaction that any undisclosed income belonging to such other person over whom he has no jurisdiction then he has to transmit the seized material to the Assessing […]
Power Company of Karnataka Ltd. Vs ACIT (ITAT Mumbai) Conclusion: Since there were internal financial arrangements made by assessee with ESCOMs to fund the expenditure, therefore, this could not disentitle assessee to claim expenditure in accordance with the Act and the income of assessee had to be computed under the provisions of the Act without […]
R.N. Shetty Trust Vs ACIT (ITAT Bangalore) As per Section 153C of the Act, the Assessing Officer of searched person shall proceed against such other person on reaching satisfaction that any undisclosed income belonging to such other person over whom he has no jurisdiction then he has to transmit the seized material to the Assessing […]
JCIT Vs United Spirits Limited (ITAT Bangalore) It is not in dispute that the shares of M/s. Lee Edges were purchased by the assessee in the Financial Year 2003-04 and those of M/s. Shaw Wallace Breveries Ltd., were purchased in the Financial Year 2001-02 were unlisted shares. These shares were sold in Financial Year 2004-05. […]
Shri Lakshmi Narayana Prasad Vs ITO (ITAT Bangalore) In this case, the claim of assessee u/s. 54 was denied on the reason that assessee has not filed any supporting evidence to show the sale consideration was reinvested in new residential property. Before us, the ld. AR pointed out to the copies of bank statements and […]
