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ITAT Bengaluru

No Bar on Claiming S.80P Deduction via ITR Filed u/s 142(1): ITAT Sets Aside Denial over e-Verification Delay [Read Order]

Navasree A.M

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefit of deduction under Section 80P of the Income Tax Act, 1961...

Penalty u/s 270A for Misreporting without Proper Charge Specification Invalid: ITAT Deletes Rs....

AI proposes, Tribunal Disposes! Bengaluru ITAT Bench in Soup after AI-generated Order cites...

Additional Income from Cash and Excess Stock to be Taxed as Business Income, Not Unexplained...

ITAT Directs TPO to apply LIBOR Rate for Interest on Foreign Currency Receivables [Read Order]

Relief to Astra Zeneca: ITAT restores matter on Disallowance of Contribution towards Gratuity Funds [Read Order]

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT), restored matter on disallowance of contribution towards gratuity funds, thereby granting relief to M/s. Astra Zeneca Pharma India Ltd,...

No Income Tax on Allotment of Bonus Shares: Karnataka High Court [Read Judgment]

The Karnataka High Court has ruled that, Fair market value of bonus shares computed as per Rule 11U and Rule 11UA of the Income Tax Rules cannot be considered as income from other sources as per...

ITAT quashes proceedings initiated u/s. 201 against Cafe Coffee Day for being time barred [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench quashed the proceedings initiated under section 201 against Cafe Coffee Day as it was barred by limitation. The question raised was...

Customer Relationship Rights are ‘Goodwill’: ITAT allows Depreciation [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bengaluru bench has held that the depreciation under Section 32 of the Income Tax Act, 1961 is allowable on the customer relationship rights since the same...

No Income Tax on Sale of Carbon Credits: ITAT [Read Order]

The Bengaluru bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that the Sale of Carbon Credits would not attract Income Tax as the same constitute a capital receipt under the Income...

Non-Competent Fee paid is an Intangible Asset, Depreciation Allowable: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bengaluru bench, in M/s. Sapa Extrusion India Pvt. Ltd v. DCIT held that the non-compete fee paid is an intangible asset acquired on which Depreciation is...

Filing of Return before Due Date u/s 80AC is Mandatory, not Directory: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bengaluru Bench in Revathi Raju v. I.T.O held that, filing of Return before due date under Section 80AC of the Income Tax Act is a mandatory provision. The...