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Beena Pillai

ITAT approves Addition on GP at 2.5% on Non-explanation regarding Closing Stock [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Bangalore approved addition on Gross Profit (GP) at 2.5% on non-explanation regarding closing stock. The...

Interest paid on Convertible Debentures is not Interest on Equity and allowable as Expenditure u/s....

Demand to late fee u/s. 234E not sustainable for TDS filed before 1st June 2015: ITAT [Read Order]

Foreign Travel Expenses to secure Capital Investment cannot be allowed as Business Expenditure: ITAT...

Capital Gain does not attract in case of permissive Possession in Immovable Property, not Taxable:...

Contract based on which Addition is made is Subject Matter of Litigation: Protective Assessment can’t be made, rules ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the protective assessment under the Income Tax Act, 1961 cannot be made when the contract based on which the addition was made...

Set off of Income under ‘House Property’ against Loss is not allowable to Closed Business: ITAT [Read Order]

The Bangalore Bench, of the Income Tax Appellate Tribunal, held that set-off of income under ‘house property’ against loss is not allowable to a closed business. The assessee was represented by...

Section 153C Assessment cannot be based on Presumptions: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bangalore held that the assessment under Section 153C cannot be based on presumption. The Bench consisted of B R Baskaran, Accountant Member and Beena Pillai,...

Income Tax Penalty cannot be imposed for Claim of Expenditure due to Wrong Professional Advice: ITAT

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271(1) of the Income Tax Act, 1961 cannot be imposed for the claim of expenditure...

Advance from Overseas Patients cannot be treated as Capital Receipts: ITAT Ruling on Medical Tourism [Read Order]

The Bangalore bench of the ITAT, in a significant ruling on medical tourism, has held that the advance from overseas patients cannot be treated as capital receipts since the same cannot remain...

Delay in filing Form 67 can’t be a reason to deny Foreign Tax Credit: ITAT [Read Order]

The ITAT, Bangalore bench, consisting of members Beena Pillai (Judicial Member) and Chandra Poojari (Accountant Member) has ruled that Rule 128 of the Income Tax Rules which requires the assessee to...

Karnataka Judicial Officers Credit Co-operative Society entitled for Income Tax Deduction on Proportionate Cost, Administrative, Other Expenses: ITAT remits matter to AO [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while remitting the matter back to the Assessing Officer (AO) ruled that the Karnataka Judicial Officers Credit Co-operative Society entitled...

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