![No prudent man will retain a sum for long period to redeposit in account: ITAT upholds addition made u/s 69A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-bangalore-redeposit-in-account-income-tax-act-ITAT-ruling-on-sum-redeposit-in-account-ITAT-decision-on-long-term-sum-retention-taxscan.jpg "No prudent man will retain a sum for long period to redeposit in account: ITAT upholds addition made u/s 69A of Income Tax Act [Read Order]")
No prudent man will retain a sum for long period to redeposit in account: ITAT upholds addition made u/s 69A of Income Tax Act [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Bangalore bench while upheld the addition made under Section 69 A of the Income Tax Act, 1961 held that...
![Cash Deposits made during Demonetization are out of Business receipt of bar and Restaurant: ITAT remands matter for consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-bangalore-Demonetization-cash-deposits-Cash-deposit-scrutiny-for-bars-and-restaurants-Demonetization-impact-on-restaurants-cash-deposits-taxscan.jpg "Cash Deposits made during Demonetization are out of Business receipt of bar and Restaurant: ITAT remands matter for consideration [Read Order]")
![ITAT directs readjudication on interest in respect of loans which have become Non-Performing Assets [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-ITAT-Bangalore-Non-performing-assets-ITAT-directs-readjudication-on-interest-Interest-Loans-TAXSCAN.jpg "ITAT directs readjudication on interest in respect of loans which have become Non-Performing Assets [Read Order]")
![Deduction u/s 57 shall be allowed on Cost of Funds and Proportionate Administrative Expenses for Earning Interest Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Deduction-Proportionate-Administrative-Expenses-Earning-Interest-Income-ITAT-Cost-of-Funds-ITAT-Bangalore-taxscan.jpg "Deduction u/s 57 shall be allowed on Cost of Funds and Proportionate Administrative Expenses for Earning Interest Income: ITAT [Read Order]")
![ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/bad-debts-written-off-by-Non-Rural-branches-of-Canara-Bank-Non-Rural-branches-bad-debts-TAXSCAN.jpg "ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]")
Amounts invested by the Co-operative Societies as per Karnataka Co-operative Societies Act entitled to Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT Re-Adjudication [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication holding that the amounts invested by the cooperative societies as per Karnataka Co-operative Societies Act are...
![Amounts invested by the Co-operative Societies as per Karnataka Co-operative Societies Act entitled to Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Amounts-invested-Co-operative-Societies-Karnataka-Co-operative-Societies-Act-Income-Tax-Act-ITAT-Re-Adjudication-taxscan.jpg "Amounts invested by the Co-operative Societies as per Karnataka Co-operative Societies Act entitled to Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT Re-Adjudication [Read Order]")
Disallowance under Rule 8D(2) (iii) of I.T Rules shall be made on basis of average value of those investments in which assessee has yielded exempt income: ITAT directs readjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench, while directing readjudication in respect of exempt income observed that disallowance under Rule 8D(2)(iii) of the Income Tax Rules should be...
![Disallowance under Rule 8D(2) (iii) of I.T Rules shall be made on basis of average value of those investments in which assessee has yielded exempt income: ITAT directs readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-Rule-I-T-Rules-average-value-investments-assessee-exempt-income-ITAT-readjudication-TAXSCAN.jpg "Disallowance under Rule 8D(2) (iii) of I.T Rules shall be made on basis of average value of those investments in which assessee has yielded exempt income: ITAT directs readjudication [Read Order]")
Deduction on Income for Providing Credit Facilities by Co-Operative Society on Demonstration of Maintaining Funds as per Karnataka Souharda Sahakari Act, 1997: ITAT Orders Re-adjudication
The Bangalore Bench of Income Tax Appellate Tribual (ITAT) held that deduction on income for providing credit facilities by co-operative society to be allowed on demonstration of mandatory...
Income received from India by way of Royalties shall be taxed in India only on receipt basis under Indo-Switzerland DTAA: ITAT grants relief to ABB Switzerland [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench while granting relief to ABB Switzerland held that income received from India by way of Royalties should be taxed in India only on...
![Income received from India by way of Royalties shall be taxed in India only on receipt basis under Indo-Switzerland DTAA: ITAT grants relief to ABB Switzerland [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/received-India-Royalties-taxed-India-receipt-Indo-Switzerland-DTAA-ITAT-ABB-Switzerland-TAXSCAN.jpg "Income received from India by way of Royalties shall be taxed in India only on receipt basis under Indo-Switzerland DTAA: ITAT grants relief to ABB Switzerland [Read Order]")
ITAT upholds Assessment Order passed u/s 143(3) of Income Tax Act based on intimation made by section 143(1) of Act [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench upheld the assessment order passed under Section 143(3) of Income Tax Act, 1961 based on the intimation made by section 143(1) of the Income...
![ITAT upholds Assessment Order passed u/s 143(3) of Income Tax Act based on intimation made by section 143(1) of Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-assesment-assesment-order-income-tax-act-taxscan.jpg "ITAT upholds Assessment Order passed u/s 143(3) of Income Tax Act based on intimation made by section 143(1) of Act [Read Order]")
Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that claiming depreciation on fixed assets is permissible even if the application of income had been previously claimed during the...
![Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Depreciation-Fixed-Assets-Permissible-Despite-Income-Double-Deduction-ITAT-TAXSCAN.jpg "Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]")
Interest Paid towards Excess Claim of Refund of Duty Drawback is not Penalty or Fine: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Bangalore Bench held that interest paid towards excess claim of the refund of duty drawback is not penalty or fine. Assessee, Mahalasa Exports filed its...
![Interest Paid towards Excess Claim of Refund of Duty Drawback is not Penalty or Fine: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Interest-Paid-towards-Excess-Claim-of-Refund-Claim-of-Refund-of-Duty-Penalty-or-Fine-Excess-Claim-of-Refund-of-Duty-ITAT-Taxscan.jpg "Interest Paid towards Excess Claim of Refund of Duty Drawback is not Penalty or Fine: ITAT [Read Order]")