ITAT Bangalore Judgments — April 2018

The Tribunal held that the interest earned was from the assessee's own surplus funds, not from liabilities. Therefore, the judgment favorable to the assessee was applicable, and the deduction should be allowed.

The Tribunal held that the CPC and CIT(A) failed to consider the deferred tax while calculating book profits. The Tribunal directed the CPC to recalculate book profits after considering the deferred tax.

The Tribunal held that the matter needs to be remanded back to the CIT(A) to re-examine the foreign exchange loss claim in light of the jurisdictional High Court's judgment in CIT v. Wipro Finance Ltd. This judgment outlines conditions for allowing notional losses.

The Tribunal found no infirmity in the order of the CIT(Appeals) after carefully examining it. The appeal was heard ex parte due to the assessee's non-appearance.