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The interest income earned out of investment made from surplus funds would be taxable as income from other sources and would not be eligible for deduction under Section 80P(2)(a)(i).
The Bharathi Co-operative Credit Society Vs The Income Tax Officer
(2022) TaxCorp(LJ) 30546 (ITAT-BANGALORE) · Sections 80P, 57
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There is a sale of an entire undertaking as a going concern and assessing officer should have computed the capital gains under section 45 to 50.
Lifestyle International Pvt. Ltd Vs The DCIT
(2022) TaxCorp(LJ) 30523 (ITAT-BANGALORE)
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Since TDS provisions under Section 194A are not applicable on payment of interest to Assessee’s members, the addition under Section 40(a)(ia) cannot be sustained.
Nagalambika Pattina Souharda Sahakari Niyamita Vs ITO
(2022) TaxCorp(LJ) 30504 (ITAT-BANGALORE)
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Merely because the advantage may endure for an indefinite future would not mean that the expenditure would be on capital account and not revenue.
United Breweries Limited Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30437 (ITAT-BANGALORE)
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The carried forward balance from earlier AYs is to be considered for determination of deemed dividend under Section 2(22)(e).
Dr. L.S. Ravi Prakash Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30392 (ITAT-BANGALORE)
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Merely for the reason that the assignment agreement is not registered, the actual outflow from the hands of the assessee towards acquisition of the property cannot be ignored for computing the capital gains.
RaviKumar Tirupati Parthasarathy Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30383 (ITAT-BANGALORE)
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The revision order passed under Section 263 does not contain any DIN nor any reason for non-issuance of DIN, which is in violation of the CBDT Circular No.19 of 2019 dated Aug 14, 2019.
Dilip Kothari Vs The Principal Commissioner of Income Tax
(2022) TaxCorp(LJ) 30373 (ITAT-BANGALORE)
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Employees contribution has to be deposited within due dates under relevant legislation like PF Act, failing which the same would be treated as income in the hands of employer under Section 2(24)(x).
Pivotree Solutions India Pvt. Ltd Vs The ADIT
(2022) TaxCorp(LJ) 30369 (ITAT-BANGALORE)
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The ESOP expenditure incurred is a compensation to the employee and has direct nexus with his/her employment, which is included in the salary of the employees under Section 17.
Hewlett Packard (India) Software Operation Pvt. Ltd Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30317 (ITAT-BANGALORE) · Section 195
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No prima facie disallowance under Section 143(1) can be made on a debatable issue without affording a reasonable opportunity of being heard to the Assessee, remands the issue of disallowance of exemption under Section 11.
Rajiv Gandhi University of Health Sciences Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30316 (ITAT-BANGALORE) · Sections 10(23C)(vi), 11
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There is no critical evaluation of expenses by Revenue in the present case and post Apex Laboratories ruling, each of expenditure needs to be evaluated to see if the disallowance is justified.
AstraZeneca Pharma India Limited Vs The Assistant Commissioner of Income-tax
(2022) TaxCorp(LJ) 30312 (ITAT-BANGALORE)
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Revenue is directed to verify the taxes paid with reference to the tax residency certificate and adopt the cost of acquisition of Rs.2.13 Cr.
Biplab Adhya Vs The ITO
(2022) TaxCorp(LJ) 30309 (ITAT-BANGALORE) · Section 49(2AA)
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Payment made to Google Ireland under the Adwords Programme cannot be characterized as royalty under the India-Ireland DTAA.
Google India Private Limited Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 30299 (ITAT-BANGALORE)
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Intention of the Assessee was not to defraud the Revenue by violating the provisions of the Act or by evading taxes as the cash receipts have been duly disclosed in the sale deed as well as in the income tax returns.
Anuradha Chivukula Challa Vs The Additional Commissioner of Income-tax
(2022) TaxCorp(LJ) 30219 (ITAT-BANGALORE) · Section 271D
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The sales and marketing services rendered by the Assessee to Indian entity does not fall within the ambit of FTS as defined under Section 9(1)(vii) or FIS under Article 12 of India-US DTAA, since the said services are not of technical managerial or consultancy in nature and does not fulfil the make available condition.
Manthan System Inc Vs The DCIT
(2022) TaxCorp(LJ) 30204 (ITAT-BANGALORE)
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Since the activities carried out by the Assessee are in the nature of making profits, the Assessee is not eligible for exemption under Section 11.
All India Granites & Stone Assocaition Vs ACIT
(2022) TaxCorp(LJ) 30203 (ITAT-BANGALORE) · Section 2(15)
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Any ambiguity in a taxing statute should enure to the benefit of the Assessee, however, any ambiguity in the exemption clause must be conferred in favour of Revenue.
Karnataka Grameena Bank Vs Assistants Commissioner of Income Tax
(2022) TaxCorp(LJ) 30125 (ITAT-BANGALORE) · Section 234E
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Since the impugned addition made towards the unaccounted sales and disallowance u/s.10B is not based on any incriminating material found during the course of search, the additions are liable to be deleted.
M G Anand Reddy Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 30111 (ITAT-BANGALORE) · Section 132A
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Premium on redemption of debentures is taxable in the year of redemption and hence there was no exempt income whatsoever warranting invocation of the provisions of Section 14A.
Enzen Global Solutions Pvt. Ltd Vs ITO
(2022) TaxCorp(LJ) 30110 (ITAT-BANGALORE)
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Filing of Form No.67 is not mandatory but a directory requirement and Rule 128(9) does not provide for disallowance of FTC in case of delay in filing Form No. 67.
Vinodkumar Lakshmipathi Vs CIT(A) NFAC
(2022) TaxCorp(LJ) 30082 (ITAT-BANGALORE)
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