As far as the deduction u/s. 54F of the Act on the question whether if under a JDA multiple flats are given to the owner whether deduction u/s.54F of the Act can be given, the decision of the Hon’ble High Court of Karnataka and the other decision cited before us supports the plea of the […]
M/s. Royal Challenger Sports Pvt. Ltd. Vs DCIT Assessee challenges the addition on account of contribution made to Cricket Academy of Rs.45 lakhs holding it to be capital expenditure. The assessee made a contribution of Rs.45 lakhs to Karnataka State Cricket Association (KSCA) for the purpose of creating a cricket academy. The assessee was also a Franchisee of BCCI-IPL, which […]
DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore) The learned Counsel for the assessee has contended that it is a business arrangement between the assessee and the consultants/doctors. If the assessee does not pay the licence fee on behalf of the doctors, he has to compensate the doctors by making additional payment for the services. […]
ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Government of India, as a part of grant of Rs.100 lakh for […]
The AO was of the view that as per the provision of section 80AC of the Act any deduction under Chapter-VI A of the Act (Sec. 80IA of the Act is part of Chapter VIA of the Act) can be claimed only if the return of income for the relevant assessment year is filed on or before the due date prescribed u/s 139(1) of the Act. Since the assessee has not complied with the aforesaid conditions, the AO refused to allow deduction u/s 80IA of the Act.
ITAT held that non-compete fee paid is an intangible asset acquired by the assessee on which depreciation has to be allowed u/s. 32(1)(ii) of the act.
DCIT Vs M/s. Ambuthirtha Power P. Ltd. (ITAT Bangalore) The issue in Maxopp Investment Ltd’s. case (supra) was whether the expenditure (including interest on borrowed funds) in respect of investment in shares of operating companies for acquiring and retaining a controlling interest therein was disallowable under Section 14A of the Act. In the said case […]
Shri Ratan Babulal Lath Vs DCIT (ITAT Bangalore) Entire addition is on the basis of the statements of the assessee and Shri. Navneet Kumar Singhania recorded by the CBI. Before the AO, assessee has specifically denied such statements recorded by the CBI and has sought cross-examination of Shri. Navneet Kumar Singhania which were not afforded […]
In terms of Section 54F the assessee is only entitled to proportionate exemption vis-a-vis, cost of the original asset and the cost of the new assets. In the light of the above, the AO is directed to recomputed the capital gains exemption.
ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) In the present case, the capital asset was sold on 26.02.2011. The capital asset was purchased on 31.03.2011 and before the purchase of the capital asset the amount was deposited in mutual funds. Therefore in the considered opinion of the bench, before the date of filing of […]
