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Trading of shares done by delivery and derivative transactions in shares is not speculative transaction.
Bharat Mines and Minerals Vs DCIT
(2022) TaxCorp(LJ) 28830 (ITAT-BANGALORE)
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In the cross-examination, payments were denied by the person who recorded it and there remained no evidence to suggest as to what the payment stood for and pertained to.
B.S. Yediyurappa Vs Asst.Commissioner of Income Tax
(2022) TaxCorp(LJ) 28828 (ITAT-BANGALORE)
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TDS is a machinery provision for collecting tax on the potential income of the payees and that there is no conclusive presumption that tax is invariably deducted out of income.
VST Tillers Tractors Limited Vs The DCIT
(2022) TaxCorp(LJ) 28827 (ITAT-BANGALORE) · Section 194H
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Revenue is directed to consider the claim after due verification and allowing the Assessee an opportunity of being heard.
Continental Automotive Components lndia Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 28819 (ITAT-BANGALORE)
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Assessee did not identify any additional income and it was not a case of surrender of income in a blanket manner as presumed by the tax authorities.
M.J. Mohan Vs ACIT
(2022) TaxCorp(LJ) 28777 (ITAT-BANGALORE)
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Deposit of demonetised notes collected by the Assessee from its members would not be hit by Section 68.
Bhageeratha Pattina Sahakara Sangha Niyamitha Vs ITO
(2022) TaxCorp(LJ) 28713 (ITAT-BANGALORE) · Section 68
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The TDS mechanism will fail when the payees are not identifiable, however it is the responsibility of the Assessee to prove that payees are not identifiable with credible reasons, failing which Revenue would be entitled to raise demand under Section 201(1)/(1A).
BIOCON LTD Vs Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 28712 (ITAT-BANGALORE) · Section 40(a)(i)/(ia)
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Furnishing of form No. 67 before due date of return is not a mandatory requirement.
42 Hertz Software India Pvt. Ltd. The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28705 (ITAT-BANGALORE)
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The Revenue was justified in disallowing Assessee’s claim of interest on loan for construction.
Netra Software Technologies P Ltd Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28697 (ITAT-BANGALORE) · Section 24
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It is pertinent to examine whether the Tax Consultant was instrumental in claiming fraudulent refund for the Assessee by indulging in malpractices and the penalty cannot be levied if the Tax Consultant is found solely responsible for fraudulent act coupled with the fact that Assessee’s claim is found bona fide.
Joison Kundu KulamJohny Vs ITO
(2022) TaxCorp(LJ) 28665 (ITAT-BANGALORE)
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As regards the rendering of services by the employees for payment of bonus/commission, the only requirement of Section 36(1)(ii) is that some services should have been rendered, which was established by Revenue itself.
Sasken Technologies Limited Vs JCIT
(2022) TaxCorp(LJ) 28649 (ITAT-BANGALORE)
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Mere rendering of services would not be taxable unless the person receiving the services is enabled to utilize such services on its own in the future without having recourse to the person providing the service.
Hindustan Aeronautics Ltd Vs The Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 28588 (ITAT-BANGALORE)
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The fact that the debt is outstanding for a long time without any payment cannot be the basis to come to a conclusion that the said debt ceased to exist. We, therefore, confirm the order of the CIT(A).
DCIT, CIRCLE – 1 (1) (2) , BENGALURU. VERSUS M/S. BPL LTD.
(2022) TaxCorp(LJ) 28526 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=95958&Category=ITAT&CategoryType=Zip
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Unless funds are borrowed for making deposit to earn interest income, such interest paid on borrowings cannot be allowed as deduction in the computation of income from other sources, which in this case, is interest earned from mutual funds.
Anirudh Murthy Ranga Vs The Principal Commissioner of Income Tax
(2022) TaxCorp(LJ) 28525 (ITAT-BANGALORE)
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Unless the write off takes place at the time of finalisation of account and reflected in the books of account, it cannot be treated as write of at all.
Avijit Dewanjee Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28517 (ITAT-BANGALORE)
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The payment has been made by the assessee under protest. Therefore, the amount is definitely a disputed liability and cannot be said that the liability has crystallized/accrued to the assessee during the relevant assessment year.
M/S I.G. PETROCHEMICALS LIMITED VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE (3) (1) (1) BENGALURU
(2022) TaxCorp(LJ) 28514 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=95919&Category=ITAT&CategoryType=Zip
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The AO is not right in adding back the provisions made by the assessee towards gratuity, leave encashment and bonus for computation of book profits u/s. 115JB on the ground that they are unascertained liability.
JEANS KNIT PVT. LTD. VERSUS THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-4 (1) (1) BENGALURU
(2022) TaxCorp(LJ) 28513 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=95920&Category=ITAT&CategoryType=Zip
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Transfer of land specified as agricultural land in revenue records could not be considered as transfer of capital asset or transaction leading to business income.
D. Dasappa Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28510 (ITAT-BANGALORE)
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When sales return does not qualify as expenditure in terms of Section 37(1), the provision for sales return cannot be allowed u/s 37(1).
Herbalife International India Private Ltd Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28494 (ITAT-BANGALORE) · Section 37(1)
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It is imperative that for claiming deduction under Section 43B, the amounts should be otherwise deductible.
I.G.Petrochemicals Limited Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 28475 (ITAT-BANGALORE) · Section 43B
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