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ITAT - Since there was no willful and deliberate concealment of the income by the assessee, therefore no penalty u/s 271(1)(c)
Smt. Nirmala S. Tilavalli, L/H. Late Shri. S.H. Tilavalli Versus Income Tax Officer, Ward 1 (3), Hubballi
(2016) TaxCorp(LJ) 11751 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53724&Category=ITAT&CategoryType=Zip
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ITAT - Vacancy allowance allowed as per provision of section 23(1)(c) even when house is under renovation and vacancy of house was beyond control of assessee.
S.M. Chandrashekar v. Income-tax Officer, Ward 1 (4), Bangalore
(2016) TaxCorp(LJ) 11740 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51493&Category=ITAT&CategoryType=Zip
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ITAT - Indexation available on long-term capital gains for working MAT liability u/s 115JB.
Karnataka State Industrial Infrastructure Development Corporation Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11737 (ITAT-BANGALORE) · Section. 115JB
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ITAT - DRP can entertain objection under section 144C against draft assessment order to original order as well as draft assessment order passed in consequence of directions given by Tribunal.
Fosroc Chemicals (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Large Taxpayer Unit, Circle 1, Bangalore
(2016) TaxCorp(LJ) 11726 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=11104&Category=INTLDecisions&CategoryType=Zip
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ITAT - In order to constitute an AE, parameters laid down in both sub-sections (1) and (2) of section 92A should be fulfilled.
Obulapuram Mining Co. (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore
(2016) TaxCorp(LJ) 11725 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=10946&Category=INTLDecisions&CategoryType=Zip
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ITAT - TDS u/s 192 is applicable on addition of payment/reimbursement of amount on account of salary, relocation and other related costs of expatriate employees.
M/s. Intel Corporation, C/o Intel Technology India Pvt. Ltd. Versus Dy. Director of Income Tax, (International Taxation), Circle 1 (1), Bangalore.
(2016) TaxCorp(LJ) 11682 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=10906&Category=INTLDecisions&CategoryType=Zip
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ITAT - Income in respect of sale of plots by a developer can be recognized only in the year in which conveyance deed executed is registered in favour of the buyers and development expenditure incurred is allowed as expenditure or the expenditure likely to be incurred on the plots sold as expenditure.
S.K. Properties v. Income-tax Officer, Ward-1(2), Bangalore
(2016) TaxCorp(LJ) 11674 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53541&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee was an expatriate and was holding managerial position and was experts in the respective fields of managerial skills and was rendering managerial and highly expertise services, sum received by assessee was FTS.
Intel Corporation v. Deputy Director of Income-tax, (International Taxation), Circle 1(1), Bangalore
(2016) TaxCorp(LJ) 11655 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=10906&Category=INTLDecisions&CategoryType=Zip
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ITAT - If the expense has incurred expenses for business expediency and third party also gets some benefit in the process, then also, the expenditure is allowable.
M/s. Ananthapur Mining Corporation Versus The Joint Commissioner of Income Tax, Central Range 1, Bangalore
(2016) TaxCorp(LJ) 11645 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53505&Category=ITAT&CategoryType=Zip
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ITAT - Payments made to a particular transporter during year under consideration had to be aggregated for purpose of section 194C(3).
Sri Shivamurthy v. Additional Commissioner of Income-tax, Shimoga Range, Shimoga
(2016) TaxCorp(LJ) 11635 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52501&Category=ITAT&CategoryType=Zip
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ITAT - There is an implied contract between the assessee and such persons who have been paid the gold making charges. The provisions of sec 194C are clearly attracted.
M/s. Srinidhi Gold Versus Income Tax Officer, Ward – 1, Mandya
(2016) TaxCorp(LJ) 11630 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52498&Category=ITAT&CategoryType=Zip
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ITAT - Interest-free security deposit taken by the assessee hugely disproportionate to monthly rent charged is a device to circumvent liability to income-tax. Therefore, notional interest on security deposit is to be treated as income from house property.
M/s. Sobha Interiors Pvt. Ltd. Versus The Deputy Commissioner of Income Tax, Circle 12 (3), Bangalore. ITO, Ward 12 (2), Bangalore.
(2016) TaxCorp(LJ) 11607 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52461&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee is eligible for exemption u/s. 11 therefore the status of the assessee would be AJP and not AOP.
Assistant Director of Income-tax (Exemption) , Circle 17 (2), Bangalore Versus. Shushrutha Educational Trust
(2016) TaxCorp(LJ) 11569 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52316&Category=ITAT&CategoryType=Zip
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ITAT - Reimbursement of expenses or payment towards product development fees is FTS. TDS u/s 195 applicable.
M/s. Stempeutics Research Pvt. Ltd. Bangalore Versus Joint Director of Income Tax, Range 1, Bangalore.
(2016) TaxCorp(LJ) 11562 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52304&Category=ITAT&CategoryType=Zip
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ITAT - Determination of annual value of property let out by assessee to its sister concern should be based on notional interest’ on security deposit received by assessee.
Sobha Interiors Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11558 (ITAT-BANGALORE)
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ITAT - Right to use distribution network does not result in creation of any intangible asset since none of the parties had paid any amount to the distributors. Depreciation rightly disallowed invoking Explanation 3 to Sec 43(1).
Sanyo BPL Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11512 (ITAT-BANGALORE) · Section. 43
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ITAT - When the transactions in question are falling under the ambit of definition of ‘international transaction’ as provided u/s.92B of the Act, then the AE being tax resident of India will not take out the matter from the purview of the TP provisions.
United Engineers (Malasia) Berhad Quorum Versus Deputy Commissioner of Income-tax, (International Taxation), Circle -11 (1) , Bengaluru
(2016) TaxCorp(LJ) 11503 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51870&Category=ITAT&CategoryType=Zip
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ITAT - Foreign exchange gain earned on restatement of ECB borrowed on capital account is a capital receipt.
Bangalore International Airport Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11456 (ITAT-BANGALORE)
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ITAT - Fees for technical services received by a company incorporated in UAE from its Indian counterpart is not taxable in India as there is no FTS article in India – UAE DTAA.
ABB FZ-LLC vs. ITO
(2016) TaxCorp(LJ) 11455 (ITAT-BANGALORE)
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ITAT - The entire tax liability of the companies cannot be fastened on a single shareholder. If at all the tax liability of private limited company is to be borne by shareholders, it has to be borne equally in the ratio of shares held. - No deduction of expenditure incurred in connection with transfer being contingent in nature.
Smt. Durga Kumari Bobba Versus Deputy Commissioner of Income-tax, Circle 11 (2), Bangalore
(2016) TaxCorp(LJ) 11373 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51788&Category=ITAT&CategoryType=Zip
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