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ITAT allows Deduction of Rs. 1.72 crore for Reversal of Obsolete Inventory provision due to Double Taxation Concerns [Read Order]

Saagarika Gopinath

In a recent ruling, the Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a deduction of Rs. 1.72 crore claimed by the assessee...

Rs. 44.5 cr Addition made on Incorrect Reporting by Auditor: ITAT directs CIT(A) to condone delay of...

PAN Error Linking to Partnership Firm leads to S. 69A Addition: ITAT rules FAA’s Order Cryptic,...

ITAT deletes Rs. 6 lakh penalty u/s 271D due to bonafide claim of LTCG on part of assessee [Read...

ITAT Weekly Round Up

ITAT upholds Non-taxability of Google Ireland's Ad Revenue in India: Payments not Classified as Royalty or FTS [Read Order]

In a recent ruling, the Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the non-taxability of Google Ireland's Ad revenue in India and held that the payments are not classified...

Assessee Deposited Cash from Earlier Withdrawals: ITAT quashes Rs. 9.84 Lakh Income Additions [Read Order]

In a recent decision, the Income Tax Appellate Tribunal ( ITAT ) in Bangalore provided relief to a Canara Bank employee and national hockey player, by setting aside income additions totaling Rs. 9.84...

Interest on Delayed Customs Duty Deductible u/s 37 of Income Tax Act: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest on delayed customs duty was deductible under Section 37 of the Income Tax Act,1961. Mangalore chemicals &...

ITAT affirms Deductibility of ESOP Expenses as Legitimate Business Expenditures u/s 37 of Income Tax Act [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) affirmed the deductibility of Employee Stock Option Plan ( ESOP ) expenses as legitimate business expenditures under Section 37 of the...

ITAT upholds CIT(A) decision on Sales Commission Payments, Concluding No TDS Liability for Fees for Technical Services [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] concerning the sales commission payments made by the assessee,...

Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of Canara Bank that Banking Companies are exempted from Minimum Alternate Tax ( MAT ) under Section 115JB of the Income...

No Misreporting in PF and Cess Deduction Claims Made in Good Faith: ITAT quashes 84 Lakhs S.270 Penalty under Income Tax [Read Order]

Recently in a ruling the Income Tax Appellate Tribunal (ITAT) Bangalore quashed an ₹84 lakh penalty imposed on a company for under-reporting income under the Income Tax Act 1961 (ITA), specifically...

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