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ITAT - Sec 54F exemption available to assessee for investing long term capital gains arising on sale of various sites in a single property.
Shri. S. Gangadhar vs. CIT
(2016) TaxCorp(LJ) 9803 (ITAT-BANGALORE) · Section 54F
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ITAT - company engaged in animation services for 2D and 3D animation is not comparable to software development service company.
Hewlett- Packard (India) Globalsoft (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-11 (4), Bangalore
(2015) TaxCorp(LJ) 9525 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=43943&Category=ITAT&CategoryType=Zip
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ITAT - Upfront premium received by assessee for leasing out land to companies for 30 years on BOT basis is taxable on receipt basis. Spreadover claim not justified.
New Mangalore Port Trust vs. ACIT
(2015) TaxCorp(LJ) 9524 (ITAT-BANGALORE)
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ITAT - If the sale consideration/capital gains is utilized for the purchase or construction of the new asset before the date of filing the return under section 139(4), the assessee is entitled to exemption under section 54F.
Income-tax Officer, Ward 14 (1), Bangalore v. R. Srinivas
(2015) TaxCorp(LJ) 9469 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40035&Category=ITAT&CategoryType=Zip
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S. 115JB: Even a non-taxable capital receipt credited to the P&L A/c cannot be excluded while computing the book profits. The fact that the notes to the A/cs state that the receipt is on capital account is irrelevant. Shivalik Venture distinguished
B & B Infotech Ltd vs. ITO
(2015) TaxCorp(LJ) 9447 (ITAT-BANGALORE) · Section 115JB
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ITAT - Relief u/s 90 for taxes paid by assessee in foreign country is available against MAT liability.
DCIT vs. Subex Technology Ltd
(2015) TaxCorp(LJ) 9428 (ITAT-BANGALORE) · Section 90
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ITAT - Contracts with BIAL is eligible for Sec 80IA deduction. BIAL was discharging statutory functions/ public functions for the convenience of travelling and therefore is a State under Article 12 of the Constitution of India.
ACIT Banglore vs Menzies Aviation Bobba Pvt Ltd
(2015) TaxCorp(LJ) 9380 (ITAT-BANGALORE) · Section 80IA
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ITAT - TDS u/s 195 applicable on payment made by an Indian co. to Hong Kong based company for secondment of employees as the same is FTS.
Food world Supermarkets Ltd. vs. DDIT
(2015) TaxCorp(LJ) 9336 (ITAT-BANGALORE)
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ITAT - Mere fact that liability was more than seven years old is not sufficient for cessation of liability under sec. 41(1).
Assistant Commissioner of Income-tax, Circle 1(1), Bangalore v. Alvares & Thomas
(2015) TaxCorp(LJ) 9317 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=43542&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 194LA on land acquisition payments made under "agreement" in absence of compulsory acquisition.
Karnataka Industrial Area Development Board Vs. ITO
(2015) TaxCorp(LJ) 9276 (ITAT-BANGALORE) · Section. 194LA
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ITAT - Show-cause notice under section 274 was defective as it did not spell out grounds on which penalty was sought to be imposed.
H. Lakshminarayana v. Income-tax Officer
(2015) TaxCorp(LJ) 9089 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41738&Category=ITAT&CategoryType=Zip
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ITAT - Definition of royalty could not be applied to purchase of software by assessee, not liable to TDS.
Deputy Commissioner of Income-tax v. WS Atking India (P.) Ltd.
(2015) TaxCorp(LJ) 9088 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8607&Category=INTLDecisions&CategoryType=Zip
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ITAT - Interest u/s 234B/234C is consequential and mandatory. No discretion to AO.
Syndicate Rythara Sahakara Bank Ltd. v. Income-tax Officer
(2015) TaxCorp(LJ) 9085 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41682&Category=ITAT&CategoryType=Zip
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ITAT - Only those companies having related party transactions of less than 15 per cent of revenue alone could be considered as valid comparables while determining ALP.
Income-tax Officer, Ward 12(2) Bangalore v. Sunquest Information Systems (India) (P.) Ltd.
(2015) TaxCorp(LJ) 9073 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41332&Category=ITAT&CategoryType=Zip
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ITAT - Assessee engaged in providing contract research services in the field of molecular biology and synthetic chemistry to non-resident customers is eligible for exemption u/s 10B.
DCIT. vs. Syngene International Limited
(2015) TaxCorp(LJ) 9055 (ITAT-BANGALORE) · Section. 10B
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ITAT - As software cost was capitalised and not claimed as expenditure, question of Sec 40(a)(ia) applicability on depreciation does not arise.
Kawasaki Microelectronics Inc vs. DDIT
(2015) TaxCorp(LJ) 8960 (ITAT-BANGALORE) · Section. 40(a)(ia)
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ITAT - Section 11 benefit available to a Development Board.
Karnataka Industrial Area Development Board vs. ADIT
(2015) TaxCorp(LJ) 8956 (ITAT-BANGALORE) · Section. 11
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ITAT - Since the credit entries in question do not relate to previous year relevant to AY 2009-10, the same cannot be brought to tax u/s. 68 of the Act. No addition can be made u/s. 68 if credits are not related to relevant Assessment year.
Glen Villiams Vs. ACIT
(2015) TaxCorp(LJ) 8943 (ITAT-BANGALORE) · Section 68
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ITAT - A company showing exceptional financial result due to merger/de-merger could not be accepted as a comparable.
Digital Juice Animations (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (1), Bangalore
(2015) TaxCorp(LJ) 8865 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8350&Category=INTLDecisions&CategoryType=Zip
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ITAT - TP adjustment deleted as margin of AE segment came within +/- 5 per cent range when compared to arithmetic mean/PLI, computed by TPO.
Msource (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 12 (1), Bangalore
(2015) TaxCorp(LJ) 8856 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8132&Category=INTLDecisions&CategoryType=Zip
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