ITAT Bangalore held that if two out of the three preceding assessment year the comparable has earned profits it cannot be held a persistent loss making company. Hence, persistent loss filter can be applied only if there is loss in three successive assessment years.
ITAT Bangalore held that foreign travel expenses incurred for obtaining donations which are utilized for charitable purpose is allowed as expenditure.
ITAT Bangalore held that the interest income received on temporary Fixed Deposits is eligible for exemption under section 10AA of the Income Tax Act.
ITAT Bangalore held that co-operative bank is liable to furnish AIR only after 01.04.2016 in view of amendment under Rule 114E of Income Tax Rules, 1962. Accordingly, imposition of penalty u/s 271FA prior to 01.04.2016 is unsustainable.
ITAT Bangalore has quashed assessment order in case of Rajiv Gandhi University of Health Sciences against ACIT. Grounds for invalidation were non-service of a mandatory notice under section 143(2) of Income-tax Act.
ITAT Bangalore held that if the net profit margin meets the Arm’s length price, then no separate addition needs to be made. Accordingly, TPO directed to delete the adjustment made towards Advertising Marketing Price (AMP) expenses.
ITAT Bangalore held that assessee, being a employees housing co-operative society, is eligible for deduction u/s 80P(2)(d) in respect of interest earned from co-operative banks.
ITAT Bangalore held that the adjustment made by the TPO towards technical know-how fees despite accepting the entity level margins is liable to be deleted.
ITAT Bangalore held that the pigmy commission will be treated as a salary and subject to the TDS under section 192 of the Act. Accordingly, matter remanded for verification.
ITAT Bangalore held that legal and professional charges being incurred towards business are allowable as revenue expenditure.
