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Asset is not restricted to building, plant or furniture, but is extended to knowhow, patent, copyright etc.
CAE India Pvt. Ltd Vs CIT
(2019) TaxCorp(LJ) 19347 (ITAT-BANGALORE)
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Amount paid u/s. 37(1) to Mauritian company for raising funds for sister-concern is disallowed.
Sivan Securities (P) Ltd Vs The DCIT
(2019) TaxCorp(LJ) 19322 (ITAT-BANGALORE) · Section 37(1)
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ITAT - Goodwill is an asset under Explanation 3(b) to section 32(1) and therefore depreciation is allowable on goodwill. Business undertaking acquired on a going concern basis and the goodwill acquired upon acquiring the business which is nothing but the difference between the consideration paid in excess of the book value of the assets is eligible for depreciation u/s 32(1)(ii).
M/S. VOLVO INDIA PVT. LTD. VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX (LTU), BANGALORE.
(2019) TaxCorp(LJ) 19257 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=75111&Category=ITAT&CategoryType=Zip
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ITAT - (i) Taxability of an amount received by a partner on retirement from firm explained. (ii) Excess payment to a retiring partner over and above the sum standing to the credit of his capital account at the time of retirement should be treated as capital gains.
Savitri Kadur Vs The Dy. Commissioner of Income-tax
(2019) TaxCorp(LJ) 19229 (ITAT-BANGALORE)
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ITAT - Export commission paid to the non-residents for procuring orders as well as to coordinate and check the quality of goods constitutes FTS u/s 9(1)(vii) - Sec.40(a)(i) disallowance for TDS default upheld.
Hical Infra Pvt. Ltd Vs The Income Tax Officer
(2019) TaxCorp(LJ) 19207 (ITAT-BANGALORE)
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ITAT - No TDS on subscription charges for the software paid to US company is not taxable under Article 12 of India-USA DTAA DTAA.
Microfinish Pumps Private Limited Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 19191 (ITAT-BANGALORE)
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ITAT - Customer Relationship Rights are in the nature of non-compete fee - Depreciation allowable as goodwill.
Incap Manufacturing Service Pvt. Ltd Vs Deputy Commissioner of Income-tax
(2019) TaxCorp(LJ) 19190 (ITAT-BANGALORE)
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ITAT - Exemption u/s 11 available to BDA for providing concessional housing to economically weaker sections.
Bangalore Development Authority Vs The Additional Commissioner of Income Tax
(2019) TaxCorp(LJ) 16883 (ITAT-BANGALORE) · Section 11
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ITAT - Co-op. society's contribution to education fund under Karnataka Co-operative Societies Act is not wholly and exclusively meant for running of the business of the assessee and not allowable u/s 37.
Tumkur DCC Bank Ltd Vs ACIT
(2019) TaxCorp(LJ) 16746 (ITAT-BANGALORE)
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ITAT - It is not clear from the record as to whether the AO has examined the claim for deduction under section 54F and allowed the same after due application of mind - Revision u/s 263 is permissible.
MS. ZEBA SHEREEN VERSUS THE INCOME TAX OFFICER, WARD - 7 (2) (2), BANGALORE
(2019) TaxCorp(LJ) 16741 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=70690&Category=ITAT&CategoryType=Zip
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ITAT - NAV method of share valuation and not DCF to be adopted as per Rule 114A(2)(a) of the Income-tax Rules for valuing excess share premium receipt u/s 56(2)(viib).
TUV Rheinland NIFE Academy Pvt. Ltd Vs The ITO
(2019) TaxCorp(LJ) 16722 (ITAT-BANGALORE) · Section 56(2)(viib)
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ITAT - Lump-sum lease rental received in advance would be taxable proportionately over lease period.
Sahakari Sakkare Karkhane Niyamith Vs ACIT
(2019) TaxCorp(LJ) 16655 (ITAT-BANGALORE)
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ITAT - The fact that bills were not raised does not stop accrual of income under the mercantile system of accounting once contract was entered with clients.
Optum Health & Technology Vs The Income Tax Officer
(2019) TaxCorp(LJ) 16653 (ITAT-BANGALORE)
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ITAT - Assessee was under a 'bonafide belief ' for TDS non-deduction on leave encashment payments made to employees on retirement. Sec. 201(1)/(1A) proceedings quashed.
Karnataka Power Transmission Corporation Ltd Vs ITO
(2019) TaxCorp(LJ) 16647 (ITAT-BANGALORE)
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ITAT - Claim of long term capital gains arising on sale of shares received as gift accepted and Sec 54F exemption granted.
Dev Kumar Roy Vs The Income-tax- Officer
(2019) TaxCorp(LJ) 16631 (ITAT-BANGALORE) · Section 54F
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ITAT - Assessee permitted to raise an additional ground before CIT(A) but subject to payment of cost of Rs. 2 lakh as there were several ‘unjustifiable’ adjournments.
Euromonitor Research & Consulting (India) P. Ltd Vs Asst. Commissioner of Income-tax
(2019) TaxCorp(LJ) 16625 (ITAT-BANGALORE)
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ITAT - Once the assessee has capitalized the payment in question though the assessee has not deducted the tax at source on such payment, Section 40(a)(i) cannot be invoked for disallowance of depreciation.
M/S SUNQUEST INFORMATION SYSTEMS (INDIA) PVT. LTD. VERSUS THE DY. COMMISSIONER OF INCOME-TAX, CIRCLE-6 (1) (1) , BENGALURU
(2019) TaxCorp(LJ) 16589 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=70151&Category=ITAT&CategoryType=Zip
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ITAT - Trade advances received for the purpose of supply of goods dealt by the assessee cannot fall under the purview of section 269SS of the Act so as to attract penalty u/s. 271D,
M/S. CHEMMANUR METALS AND ALLOYS PVT. LTD. VERSUS THE ADDITIONAL COMMISSIONER OF INCOME TAX, BANGALORE.
(2019) TaxCorp(LJ) 16582 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=70138&Category=ITAT&CategoryType=Zip
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ITAT - There has been no wilful or intentional delay on part of the assessee in filing appeal before CIT(A) owing to company's demerger. Delay condoned.
Wipro Chandrika Private Ltd Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 16455 (ITAT-BANGALORE)
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ITAT - The obligation of the Assessee u/s.192 is only to make bonafide estimate of income of his employee under the head salaries. Such obligation cannot be tested on the parameters laid down on exercise of power u/s.132 or u/s.147.
THE INCOME TAX OFFICER (OSD) (TDS) , LARGE TAX PAYER UNIT (LTU) , BANGALORE VERSUS M/S. KARNATAKA POWER TRANSMISSION CORPORATION LTD. (KPTCL)
(2019) TaxCorp(LJ) 16410 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=69481&Category=ITAT&CategoryType=Zip
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