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ITAT - Matter on taxability u/s. 56(2)(viib) for excess share premium received by assessee upon issue of Compulsory Convertible Preference Shares remanded to find out as to whether the premium received is for equity shares to be issued later or for preference shares issued now.
2M Power Health Management Services Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 16401 (ITAT-BANGALORE) · Section 56(2)(viib)
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ITAT - Since assessee has not produced any details or evidence regarding quantity of crops sold, date on which sold, the cost of expenditure incurred, the rate at which sold etc., additions of agricultural income confirmed.
SMT. ANNAPURNA VERSUS THE INCOME TAX OFFICER, WARD – 1, TUMKUR.
(2019) TaxCorp(LJ) 16390 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=69409&Category=ITAT&CategoryType=Zip
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ITAT - Valuation of shares - Restriction as per Rule 11U(a) on the auditor’s acceptance as Accountant for the purposes of Rule 11UA (2) is well founded.
M/S. KOTTARAM AGRO FOODS PVT. LTD. VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX (OSD) , RANGE – 4 (1) , BANGALORE.
(2019) TaxCorp(LJ) 16389 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=69410&Category=ITAT&CategoryType=Zip
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S. 2(47) Transfer: The reduction of share capital of a company by way of reducing the face value of each share from Rs. 1,000 to Rs. 500 amounts to "extinguishment of rights" and is a "transfer" u/s 2(47) of the Act. The assessee is eligible to claim a capital loss therefrom (Kartikeya V. Sarabhai vs. CIT 228 ITR 163 (SC) & other judgements followed)
Since it is settled law that mere change of opinion cannot form the basis for issuing of a notice under section 147/148 of the Act, therefore, we do not propose to burden out judgment with the said judgments. In fact, as stated above, counsel for the Revenue does not dispute this principle of law.”
(2018) TaxCorp(LJ) 16216 (ITAT-BANGALORE) · Section 2(47)
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Gains on exercise of ESOP: ESOP options provide valuable right to the assessee to exercise and have allotment of shares. They are thus 'capital asset' held by the assessee from the date of grant. If the assessee transfers the option itself, the capital gains will have to be assessed as long-term capital gains if the options have been held for more than three years (All relevant judgements considered and followed/ distinguished)
N. R. Ravikrishnan vs. ACIT
(2018) TaxCorp(LJ) 16154 (ITAT-BANGALORE)
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ITAT - TDS u/s 194C - When the assessee is only a purchaser, if any advance sale consideration is paid, the assessee has no business to deduct the tax at source as it is for the seller of the sites to pay the capital gains depending upon the tax payable by him.
INCOME TAX OFFICER, TDS WARD-3 (3) , BANGALORE VERSUS M/S. THE COFFEE BOARD EMPLOYEES CO-OP HOUSING SOCIETY LIMITED
(2018) TaxCorp(LJ) 16119 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=68225&Category=ITAT&CategoryType=Zip
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ITAT - IPL sponsorship fees not allowable as assessee has not derived benefit of advertisement by way of displaying company logo.
M/s. GMR Projects P. Ltd Vs Asst. Commissioner of Income Tax
(2018) TaxCorp(LJ) 16079 (ITAT-BANGALORE)
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ITAT - Period of holding of ESOPs in the hands of employees to be reckoned in case of bought back by employer from the date of grant of ESOPs.
N R Ravikrishnan Vs Assistant Commissioner of Income Tax
(2018) TaxCorp(LJ) 16078 (ITAT-BANGALORE)
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ITAT - Salary is taxable only on accrual basis and it would accrue in USA as services were rendered in USA. Furnishing of TRC is applicable only when DTAA benefit is claimed.
Smt. Maya C Nair Vs ITO
(2018) TaxCorp(LJ) 16075 (ITAT-BANGALORE)
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ITAT - Municipal taxes pertaining to years when company was not the owner is allowable deduction while calculating Annual Let Out Value.
Technomark Television Network Pvt. Ltd., Vs The Income-tax Officer
(2018) TaxCorp(LJ) 16050 (ITAT-BANGALORE)
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ITAT - Exemption u/s. 10(37) available on the interest received u/s. 28 of the Land Acquisition Act, 1894.
THE INCOME TAX OFFICER, WARD 1 & TPS, BAGALKOT VERSUS SHRI SANGAPPA S. KUDARIKANNUR
(2018) TaxCorp(LJ) 15708 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=66752&Category=ITAT&CategoryType=Zip
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ITAT - Payer not absolved from interest u/s. 201(1A) though payee's losses extinguish primary TDS liabilitypayee's losses will absolve the person making payment from being treated as 'an assessee in default' for not deducting TDS but cannot absolve the payee from paying interest u/s 201(1A).
Power and Control Systems Vs. Dy. CIT
(2018) TaxCorp(LJ) 15348 (ITAT-BANGALORE) · Section. 201(1A)
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ITAT - Retrospective registration u/s 12A granted to university on revenue’s failure to dispose application within the period of 6 months.
Visvesvaraya Technological University Vs The Commissioner of Income Tax
(2018) TaxCorp(LJ) 15238 (ITAT-BANGALORE) · Section 12A
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ITAT - TDS u/s 194H to be deducted on cash discount or collection charges retained by Airline Operators while paying passenger service fees to Airport.
Delhi International Airport Pvt. Ltd. Vs. DCIT
(2018) TaxCorp(LJ) 14858 (ITAT-BANGALORE)
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ITAT - No disallowance of 'product discounts' as 'capital expenditure' on the ground that selling goods at lower than cost price leads to creation of intangibles and therefore profits foregone in earlier years by selling goods at discount.
Flipkart India Private Limited Vs. Ass. CIT
(2018) TaxCorp(LJ) 14843 (ITAT-BANGALORE)
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S. 68 Bogus Share Capital: Share premium received can be assessed as undisclosed income if (a) directors are allotted shares at par while others are allotted at premium, (b) the high premium is not justified by a valuation report, (c) the high premium is not supported by the financials, (d) based on financials the value of shares is less and no genuine investor would invest at the premium, (e) there are discrepancies & abnormal features which show transaction as "made up" to camouflage real purpose
Cornerstone Property Investments Pvt. Ltd. vs. ITO
(2018) TaxCorp(LJ) 14426 (ITAT-BANGALORE) · Section. 68
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ITAT - Hefty share premium received by a private limited company engaged in real estate business as a conduit to route the funds involved as a 'layering' process, is taxable u/s 68 as unexplained cash credit.
Cornerstone Property Investments Pvt. Ltd. Vs. ITO
(2018) TaxCorp(LJ) 14424 (ITAT-BANGALORE) · Section. 68
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ITAT - There is no prerequisite of a formal trust deed for registration u/s 12AA/12A.
Sri Sosale Vyasaraja Mutt Vs. CIT
(2018) TaxCorp(LJ) 14214 (ITAT-BANGALORE) · Sections. 12AA, 12A
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ITAT - Amount received in respect of sublicensing of patented technical know-how was taxable as business income and not as capital gains in the absence of any ‘extinguishment’.
Bosch Ltd. Vs. Dy. CIT
(2017) TaxCorp(LJ) 13816 (ITAT-BANGALORE)
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ITAT - Since assessee is seeking extension only on the ground that it is proposing to appeal against the recent co-ordinate bench order before the High Court and also intends to file miscellaneous application before the Tribunal, this cannot be a valid ground for stay of demand.
Google India Pvt. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13806 (ITAT-BANGALORE)
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