ITAT Bangalore held that proviso to Section 36(1)(iii) of the Income Tax Act is not applicable in the present case as sufficient internal cash accruals available during the impugned year are more that interest free funds advanced to the sister concern.
ITAT Bangalore held that depreciation under section 32 of the Income Tax Act is allowable only when the asset is put to use for the business purpose. Notably, the onus is on the assessee to prove that the assets are put to use for the business purposes only.
Till date of conversion, interest paid on CCDs cannot be treated as interest on equity & interest is allowable as expenditure u/s. 36(1)(iii)
ITAT Bangalore held that reimbursement of salary for seconded employee cannot be regarded as ‘Fee for technical services’ (FTS) under India-US Tax Treaty (DTAA).
ITAT Bangalore held that common interest earned from investment in co-operative banks is not eligble for deduction u/s 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act.
Delve into the Sharada Mohan Shetty Vs ITO case, analyzing the intricacies of Sec. 54F exemption claim, construction delays, and legal implications.
ITAT Bangalore held that expenditure towards Employees Stock Option Plan (ESOP) is allowable deduction u/s 37 of the Income Tax Act.
ITAT Bangalore held that as professional and consultation charges & purchase of fixed assets are capitalized in the books of accounts, it should not be considered for computation of proportionate TP adjustment.
ITAT Bangalore held that employees contribution has to be deposited within the due date under the relevant employee welfare legislation like PF Act, ESI Act etc. Accordingly, disallowance u/s. 36(1)(va) sustained because of non-deposit within relevant due date.
ITAT Bangalore held that any proceedings taken against the deceased before his death shall be deemed to have been taken against the legal representative. However, penalty order passed in the name of death person after his death is invalid.
