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Any sum credited to suspense account or interest payable account shall be deemed to be credited for the purpose of tax deduction at source. Therefore, if the individual account interest payments exceed ₹ 2500/- merely because they are credited to the different account than the account of depositors, TDS liability of the deductor cannot be eliminated. But, there has to be provision of interest of individual account where credited to the account of depositor or to interest payable account is more than ₹ 2500/- for the FY, then only tax is required to be deducted.
THE DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, THE ADDL. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, LUCKNOW VERSUS SAHARA INDIA FINANCIAL CORPORATION LTD. AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22822 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83912&Category=ITAT&CategoryType=Zip
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It is not in dispute that Rule 8D of the Rules is not applicable for the year under consideration. However, some reasonable expenditure needs to be allowed for earning exempt income. The ld. CIT(A) has restricted the disallowance to 10% of the dividend income. In our considered opinion, restriction by the ld. CIT(A) seems to be reasonable and, therefore, no interference is called for. Ground No. 1 is accordingly, dismissed.
HCL COMNET SYSTEMS AND SERVICES LTD VERSUS THE DY. C.I.T CIRCLE – 12 (1) NEW DELHI
(2020) TaxCorp(LJ) 22819 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83896&Category=ITAT&CategoryType=Zip
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Hon'ble Delhi High Court in case of DIT vs. Foundation of Ophthalmic & Optometry Research Education Centre has held to the extent that even if there is no commencement of charitable activities, registration u/s 12AA of the Act cannot be denied because the statute does not prohibit or enjoin the Commissioner from registering a trust solely based upon its objects without any activity in case of a newly registered trust.
BAR COUNCIL OF DELHI VERSUS CIT (EXEMPTION) , NEW DELHI
(2020) TaxCorp(LJ) 22817 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83898&Category=ITAT&CategoryType=Zip
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The provision of expenses payable account is naturally shown under the head sundry creditors/ expenses payable/ liabilities etc in the balance sheet at the close of the year. On the first day of next year, this account of Expenses payable is credited to the respective Expenses account of the next year.
FISERV INDIA PRIVATE LIMITED VERSUS ACIT, CIRCLE-9 (1) , NEW DELHI
(2020) TaxCorp(LJ) 22816 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83901&Category=ITAT&CategoryType=Zip
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It is settled proposition of law that for the purpose of registration u/s 12AA of the Act, the threshold condition i.e. genuineness of the activities is to be decided with the object clause of institution.
Bar Council of Delhi Vs CIT (Exemption)
(2020) TaxCorp(LJ) 22815 (ITAT-DELHI) · Section 12AA
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PCIT perused the assessment order and assessment records and found that the assessment order dated 21/12/2017, passed by the learned Assessing Officer under section 147/143(3) was erroneous insofar as prejudicial to the interest of the revenue.
M/S STAR GEMS AND JEWELRY VERSUS PCIT-16, NEW DELHI
(2020) TaxCorp(LJ) 22812 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83884&Category=ITAT&CategoryType=Zip
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As on 22nd of April 2019 the learned CIT – A passed two orders in case of the assessee for same assessment year 2013 – 14 in two subject matters i.e. one was against the order passed u/s 143 (3) of the act and second was against the order passed u/s 154 of the act withdrawing MAT credit. On the legal advice, the assessee preferred an appeal, which was delayed by 30 days. According to us, delay was for the 'sufficient cause' and assessee did not derive any benefit by filing delayed appeal. Further, before ITAT, cause of justice must be served and pedantic approach should be abdicated.
FISERV INDIA PRIVATE LIMITED VERSUS ACIT, CIRCLE-9 (1) , NEW DELHI
(2020) TaxCorp(LJ) 22809 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83892&Category=ITAT&CategoryType=Zip
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Merely because the assessee had disputed the assessment before the higher appellate forum, it does not deprive the right of the Revenue to rectify the assessment order or the tax demand raised against the assessee provided the action of the AO false within the parameters of Section 154 of the act.
Fiserv India Private Limited Vs ACIT
(2020) TaxCorp(LJ) 22808 (ITAT-DELHI) · Section 154
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It is evident from the conduct of the assessee that the assessee was not intending to run a unit in Trump Hotel International himself, at no point of time has the assessee ever been engaged in running the Hotel Unit on his own. For all practical purposes the unit under consideration cannot be considered to be a business undertaking of the assessee.
Sh. Rohit Kapur Vs Add. CIT
(2020) TaxCorp(LJ) 22807 (ITAT-DELHI)
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As evident from the conduct of the assessee that the assessee was not intending to run a unit in Trump Hotel International himself but rather he had purchased the unit while he was employed with an Oil Exploration Company in USA and he has given this unit for being run under the Hotel Operations and Maintenance Agreement to be run by the managing company.
SH. ROHIT KAPUR VERSUS ADD. CIT, SPECIAL RANGE-8, NEW DELHI
(2020) TaxCorp(LJ) 22806 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83818&Category=ITAT&CategoryType=Zip
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It cannot be disputed that the statutory powers vested with one specified authority cannot be exercised by another authority unless and until the statute provides for the same.
ACIT Vs Soul Space Projects Ltd.
(2020) TaxCorp(LJ) 22796 (ITAT-DELHI)
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The addition in the hands of the assessee is not sustainable when the details furnished by the assessee were not at all controverted by bringing cogent material and investigation made thereon by the ld AO.
Shri Suresh Kumar Agarwal Vs The Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 22794 (ITAT-DELHI)
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Merely because the seller agreed to pay and discharge the outstanding dues and liabilities in respect of the share in the premises, it does not amount that the assessee has not transferred/sold the property during the year.
Futurz Next Services (Private) Limited Vs Dy. CIT
(2020) TaxCorp(LJ) 22791 (ITAT-DELHI)
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The income of the Cyprus resident seller is not chargeable to tax in India, as per the double taxation avoidance agreement prevailing at that time.
DCIT Vs Narmil Infosolutions Pvt. Ltd
(2020) TaxCorp(LJ) 22790 (ITAT-DELHI)
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The AO was not justified in changing the nature of the receipt, which continued to remain a dividend irrespective of whatever view was expressed in the assessment.
Escorts Benefit & Welfare Trust Vs ITO
(2020) TaxCorp(LJ) 22788 (ITAT-DELHI) · Section 10(34)
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Before issue of notice, AO has to examine the return filed by the assessee.
Shri Hemant Mittal Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22787 (ITAT-DELHI) · Sections 143(2), 148
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In view of the SC decision in case of Maxopp Investments, the contention of the assessee investment made for acquiring controlling interest in Dabur India Ltd should not be subject to disallowance under section 14A is rejected.
M/s. Puran Associates Pvt. Ltd., Vs ACIT
(2020) TaxCorp(LJ) 22786 (ITAT-DELHI) · Section 14A
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No evidences have been put forth by the revenue except merely an allegation of violation of the provisions of section 13 (1) (C) of the Act. Thus, the order of the learned CIT(E) as this issue is involved is not supported by any evidence.
NIIT Foundation Vs CIT(E)
(2020) TaxCorp(LJ) 22785 (ITAT-DELHI) · Section 11
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There is no minimum threshold or gap of time prescribed u/s. 143 (2).
Surana Enterprises Vs ITO
(2020) TaxCorp(LJ) 22783 (ITAT-DELHI) · Section 143(2)
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In the present case, the assessee has furnished all the information available with him. The learned assessing officer had the investigation wing report available with him. Undoubtedly in the report of the Principal Director Of Investigation, Kolkata dated 27 April 2015 contains the name of 84 companies, out of which one company at serial number 71 is Nouvea global venture limited (NOUVEAU) wherein total alleged transactions took place.
SHRI SURESH KUMAR AGARWAL VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -25 NEW DELHI
(2020) TaxCorp(LJ) 22776 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83788&Category=ITAT&CategoryType=Zip
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