Search: section 68

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Key Topics

Section 80I15 Section 14A12 Section 54F8 Disallowance8 Addition to Income7 Deduction7 Section 36(1)(iii)6 Section 1156 Section 32(1)(iia)4

M/S. INDIANOIL SKYTAKING PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), BANGALORE

In the result, the appeals are partly allowed

ITA 299/BANG/2020[2016-17]Status: DisposedITAT Bangalore20 May 2022AY 2016-17

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru

Section 115Section 143(3)Section 36(1)(iii)Section 37(1)Section 80Section 80I

68. The brief facts on this issue are that the assessee had taken a foreign currency term loan from Punjab National Bank (PNB), for setting up its fuel farm aviation fuel facility at Bangalore International Airport. Since it had foreign currency exposure, to mitigate the risk of foreign exchange fluctuation, it had entered into swap arrangement for principal and interest

M/S. INDIANOIL SKYTAKING PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), BANGALORE

M/S. INDIANOIL SKYTAKING PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), BANGALORE

INDIANOIL SKYTANKING PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), BENGALURU

M/S INDIANOIL SKYTANKING PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE vs. M/S COFFEEDAY GLOBAL LIMITED , BANGALORE

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE vs. M/S COFFEEDAY GLOBAL LIMITED , BANGALORE

M/S VIJAYA BANK ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX LTU , BANGALORE

ADDL/JOINT COMMISSIONER OF INCOME TAX (LTU) , BANGALORE vs. M/S VIJAYA BANK , BANGALORE

SMT. A.P. LAKSHMI GOWRI,BANGALORE vs. ITO, BANGALORE

SRI. A.R. PRASAD,BANGALORE vs. ITO, BANGALORE

M/S. TEXTRON INDIA PVT. LTD.,,BANGALORE vs. DCIT, BANGALORE

TUMKUR DCC BANK LIMITED ,TUMKUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1 , TUMKUR