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George George K

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...

ITAT Weekly Round-Up

Cash Deposits from earlier withdrawals cannot be Totally Disbelieved: ITAT allows Deduction on Cash...

AO Disallows 85% Accumulation Claim on Grounds that Form 10 Lacks Specific Purpose of such Claim:...

Interest u/s 234C Against EY Global Delivery to be Levied on Returned Income not on Assessed Income:...

ITAT allows Foreign Travel Expenses Incurred for Obtaining Charitable Donations [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has allowed foreign travel expenses incurred for obtaining charitable donations. The Assessee, Agastya International Foundation, was a...

Tax Exemption Allowable for Interest Income Received on Temporary FD: ITAT [Read Order]

The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) has held that Tax Exemption is allowable on interest income received on temporarily fixed deposits (FD). Shri Prakash Shridhar Hegde...

Relief to TATA Power: ITAT deletes Adjustment made Towards Technical Know-How Fees Despite Accepting Entity Level Margins [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to TATA Power deleting the adjustment made towards technical know-how fees despite accepting the entity-level margins. ...

Reassessment Proceedings Without Issuance of Notice u/s 143(2) is Bad in Law: ITAT quashes Assessment Order [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT )has held that reassessment proceedings without the issuance of notice under section 143(2) of the Income Tax Act, 1961 is bad in law. ...

Provisions of S.44 AB of the Act are not applicable if Turnover of Assessee less than Prescribed Limit: ITAT delete Penalty u/S 271B [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that provisions of Section 44 of the Income Tax Act, 1961 are not applicable if turnover of assessee less than...

ITAT Allows Deduction of Expenditure by Flipkart India towards ESOP u/s 37 of Income Tax Act [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently in an appeal filed before it, allowed deduction of expenditure by Flipkart India towards ESOP u/s 37 of income tax act. The...

Profit Margin Forgone by Flipkart India while Selling Goods cannot be treated as “Expenditure in Creating Intangible or Goodwill”: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that the profit margin forgone by Flipkart India while selling goods could not be treated as expenditure in creating intangible or...

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