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Prior to 1/7/2016, Form No.3CL had no legal sanctity. It was further held that, only w.e.f 1/7/2016, in view of the amendment made to Rule 6(7A((b) of the Income-tax Act Rules, the quantification of weighted deduction allowable u/s 35(2AB) of the Act has to be based on From No.3CL and hence the said form has obtained significance.
M/S PARK CONTROL AND COMMUNICATIONS PVT. LTD. VERSUS THE DY. COMMISSIONER OF INCOME-TAX CIRCLE-5 (1) (2), BENGALURU.
(2019) TaxCorp(LJ) 20095 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77709&Category=ITAT&CategoryType=Zip
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Sec.56(2)(viib) Provisions are applicable only when the shares are issues over and above the face value of such shares. In the present case the shares had been subscribed at face value and there was no premium element involved.
Edulink Private Limited Vs The Income Tax Officer
(2019) TaxCorp(LJ) 20050 (ITAT-BANGALORE) · Section 56(2)(viib)
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AO had initiated penalty proceedings without referring to any charge as to for concealment of income or filing of inaccurate particulars of income. The penalty was levied for deliberateness of 'tax evasion', which is not at all the requirement of Sec.271(1)(c ) of the IT Act.
Google India Pvt. Ltd Vs The Asst. Commissioner of Income tax
(2019) TaxCorp(LJ) 20049 (ITAT-BANGALORE)
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The provisions of the Income Tax Act as in statute books as on the first day of the relevant assessment year are applicable for that assessment year and therefore, the amended provisions of section 54F are applicable in the present case. In view of proviso (a)(ii) of Sec. 54F(1), whether the deduction u/s. 54F (1) is allowable in respect of second property or first property, it is not material because in both the situations, the proviso will be operating and as a result, the assessee will not be eligible for deduction u/s. 54F (1).
Smt. Anuradha Rajendra Gupta Vs The Income Tax Officer
(2019) TaxCorp(LJ) 20025 (ITAT-BANGALORE) · Section 54F
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It is an undisputed fact that though business of assessee came to a halt in the year 2010, yet the assessee was liquidating its assets. The assessee had only a leasehold rights on the land and it had to get the permission of SIPCOT for transfer of leasehold rights. The major portion of expenses claimed is on account of sales tax demand of ₹ 53.33 lakhs, property tax, audit fees, property maintenance, settlement amount paid on labour court’s order.
HIRSH BRACELET INDIA PVT. LTD. VS. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 3 (1) (2) , BANGALORE.
(2019) TaxCorp(LJ) 20022 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77453&Category=ITAT&CategoryType=Zip
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After receipt of the impugned order of assessment dated 03.03.2016, assessee had filed a rectification application before the AO seeking correction of the mistake therein; of non-allowing of set off; which was followed up by reminder to the AO in this regard. Therefore, in our view, it stands to reason that the pendency of the rectification proceedings before the AO and the assessee’s expectation that the issue could be sorted out at that level has contributed in no small measure to the delay in filing the appeal for Assessment Year 2013-14 before the CIT(A).
M/S. TOYOTETSU INDIA PRIVATE LIMITED VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE – 3 (1) (1) , BENGALURU.
(2019) TaxCorp(LJ) 19965 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77316&Category=ITAT&CategoryType=Zip
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The charging of interest is consequential and mandatory and the AO has no discretion in the matter. We, therefore, uphold the action of the AO in charging the assessee the aforesaid interest u/s 234B and 234C of the Act. The AO is, however, directed to re-compute the interest chargeable u/s 234B and 234C of the Act, if any, while giving effect of this order.
M/S. KANYAKAPARAMESHWARI CO-OPERATIVE BANK LIMITED VERSUS THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE – 1 [1] , MYSURU.
(2019) TaxCorp(LJ) 19962 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77321&Category=ITAT&CategoryType=Zip
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Delay in filling the appeal is not deliberate or wanton, but due to bona fide circumstances set out above. We therefore condone the delay in filing the appeals.
M/S EMBASSY CHARITABLE TRUST VERSUS THE COMMISSIONER OF INCOME TAX (EXEMPTIONS), BANGALORE.
(2019) TaxCorp(LJ) 19909 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77117&Category=ITAT&CategoryType=Zip
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Admission of substantial questions of law by the High Court leads credence to the bona fide of the assessee and therefore, the penalty is not exigible u/s 271(1)(c).
SYNDICATE BANK VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX (TDS), RANGE 3, BANGALORE.
(2019) TaxCorp(LJ) 19895 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77075&Category=ITAT&CategoryType=Zip
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S. 68 Bogus Share Capital Premium: The test of human probabilities cannot be applied to business transactions. Share premium is collected as per the understanding between the parties. The AO cannot treat the share premium as unexplained cash credit only because the same is not commensurate with the income and financial strength of the assessee. The AO cannot reach this conclusion without further investigation and bringing material on record (All imp judgements referred)
Janani Infrastructure Pvt. Ltd vs. ACIT
(2019) TaxCorp(LJ) 19834 (ITAT-BANGALORE) · Section 68
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The said allegation could trigger the investigation, but it alone cannot be the basis for arriving at the belief that there was escapement of income.
Janani Infrastructure Pvt. Ltd Vs The Asst. Commissioner of Income-tax
(2019) TaxCorp(LJ) 19798 (ITAT-BANGALORE) · Section 68
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It is a matter of record that Revenue’s appeal for Assessment Year 2009-10 in the case on hand was dismissed vide the Tribunal’s order in ITA No.280/Bang/2017 dated 03.08.2018 by relying on the CBDT Circular No.3/2018; that the tax effect involved in the appeal was below the monetary limits prescribed therein.
THE INCOME TAX OFFICER, WARD - 3, TUMKUR. VERSUS M/S. SACRED HEART SOUHARDA CREDIT CO-OPERATIVE LTD.
(2019) TaxCorp(LJ) 19796 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=76736&Category=ITAT&CategoryType=Zip
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Dividend cannot be paid on such convertible debentures in a period before the date of conversion and such holders of convertible debentures cannot be granted voting rights at par with voting rights of shareholders during pre-conversion period.
CAE Flight Training (India) Pvt. Ltd Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 19770 (ITAT-BANGALORE) · Section 36(1)(iii)
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A flight simulator was an essential part of training imparted to the pilots and crew of aircraft and the hourly quantification of such charges for use of the simulator did not mean that the assessee was hiring the same or making payment for a right to use the same.
Kingfisher Airlines Ltd Vs The Deputy Director of Income Tax
(2019) TaxCorp(LJ) 19748 (ITAT-BANGALORE)
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Approval fee by VUDA is in the nature of a contractual levy for rendering services and hence it may not fall under the category of tax, so as to attract the provisions of sec.43B of the Act.
Global Entropolis (vizag) Pvt. Ltd Vs The Asst. Commissioner of Income-tax
(2019) TaxCorp(LJ) 19747 (ITAT-BANGALORE) · Section 43B
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Entries in the books of accounts are not conclusive with regard to liability to tax when it is shown that the taxable event had in fact not taken place or was given up or abandoned.
Avestagenome Project International Pvt. Ltd Vs The Deputy Commissioner of Income Tax (TDS)
(2019) TaxCorp(LJ) 19729 (ITAT-BANGALORE)
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Evidently the show cause notice u/s. 271(1)(c) of the Act dated 31.12.2008 is defective as it does not spell out the grounds on which the penalty is sought to be imposed.
SHRI RAJAN R SRINIVASAN VERSUS ASST. COMMISSIONER OF INCOMET-AX, CIRCLE 1 (2) (1), BENGALURU.
(2019) TaxCorp(LJ) 19726 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=76552&Category=ITAT&CategoryType=Zip
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Right to life interest possessed by assessee is a right in personam that has to has to be relinquished, in order to absolutely transfer the property, with a clear title to the buyers.
P.K. Vijayalakshmi Vs The Income tax Officer
(2019) TaxCorp(LJ) 19679 (ITAT-BANGALORE) · Section 54EC
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Since there was no exempt income whatsoever earned by assessee, therefore there could be no disallowance of expenses u/s. 14A.
Chayadeep Enterprises LLP Vs The Income Tax Officer
(2019) TaxCorp(LJ) 19590 (ITAT-BANGALORE) · Section 14A
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Since Tribunal is the creation of statute/ Constitution, therefore it has the duty to examine the facts and apply correct law without being influenced by threat of contempt posed by both sides.
Wipro Limited vs. Addl. CIT
(2019) TaxCorp(LJ) 19511 (ITAT-BANGALORE)
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