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Assessing Officer not empowered to reject selection and valuation methods adopted by Taxpayer: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the Assessing Officer (AO) is not empowered to reject selection and valuation...

ITAT imposes Penalty for failure to maintain Transfer Pricing Documents [Read Order]

Cost allocation of International Freight Logistic Support Services and Reimbursement of GAM Expenses...

Income received for Sale of specialized Software and Maintenance and Support Services is not...

Madras High Court disallows Interest and Additional Expenditure incurred on account of Exchange...

Acer India can’t be fastened with liability to TDS retrospectively in respect of payments made for purchase of Licensed Software: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that Acer India can not be fastened with liability to Tax Deducted at Source (TDS) retrospectively in respect of payments made for...

TDS on LTA to Employees: ITAT deletes penalty for failure to deduct TDS against Canara Bank [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bangalore Bench deleted the penalty for failure to deduct tax at source (TDS) against Canara Bank. The Assessee, M/s. Canara Bank is a nationalised...

ITAT deletes disallowance made by Assessing Officer against Coffeeday [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bangalore Bench while setting aside the order passed by the Assessing Officer deleted the disallowance against the Coffeeday Enterprises. The...

Disallowance of Depreciation on Software can’t be made: ITAT grants relief to Wipro [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while directing the AO to delete the disallowance held that disallowance of depreciation on Software can not be made under section 40(a)(ia)...

Advance received from Developer not to constitute ‘Income from Other Sources’: Madras High Court [Read Judgment]

The Madras High Court held that the advance received by the respondent (which is returnable due to the failure of the development agreement) from the developer was not to be treated as income in the...

Assessee is eligible for exemption under Section 54F for investment made in the house property in USA: Karnataka HC [Read Judgment]

The Karnataka High Court held that the assessee is eligible for exemption under Section 54F of the Income Tax Act for the investment made in the house property in the USA. The assessee is a...

Balance of convenience is in favour of the United Spirits: ITAT extends the stay for the second time [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the balance of convenience is in favour of the assessee in extending the stay, even though this is the second extension. The...

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