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ITAT - It is not the requirement of law that the assessee, before he claims credit under the Indo - US convention or under IT Act should pay tax in India on such income. ITAT directed the AO to consider the claim of foreign tax credit as per the directions of the Hon'ble Karnataka High Court in the case of Wipro Ltd 382 ITR 179.
The Dy. C.I.T Vs HCL Comnet Systems and Services Ltd
(2020) TaxCorp(LJ) 22774 (ITAT-DELHI) · Section 10A
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ITAT - Since funds were specifically borrowed for infusion of equity in the associate concerns as such interest on borrowings further advanced to sister-concerns for 'equity infusion' in group companies not allowable as a deduction u/s. 36(1)(iii).
Abhinav International Pvt. Ltd. Vs DCIT
(2020) TaxCorp(LJ) 22767 (ITAT-DELHI)
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CIT (A) has correctly accepted and found it correct regarding the amounts received as gifts from husband and from her father-in-law. CIT (A) confirmed the remaining amount owing to non-substantiation of the amounts received.
SUNITA RANI VERSUS INCOME TAX OFFICER, WARD-2, SONIPAT, HARYANA
(2020) TaxCorp(LJ) 22766 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83763&Category=ITAT&CategoryType=Zip
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As carefully gone through the entire events and the verbatim of the letters. We also tried to dwell whether the intention of the AO is to extend the period or conveying the approval of the CIT. While it may be an administrative phenomenon to intimate, inform the CIT about the fact of the special audit party appointed seeking extension, but statutorily that power is vested with the AO.
ACIT, CENTRAL CIRCLE-15, NEW DELHI VERSUS SOUL SPACE PROJECTS LTD.
(2020) TaxCorp(LJ) 22764 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83767&Category=ITAT&CategoryType=Zip
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Remains and which having been laid down by the Hon'ble Apex Court is the law of the land and has to be followed by all lower authorities. The interest received by the assessee during the impugned year on the compulsory acquisition of its land u/s 28 of the Land Acquisition Act, is in the nature of compensation and not interest which is taxable under the head income from other sources u/s 56 of the Act as held by the authorities below. The compensation being exempt u/s 10(37) of the Act is not disputed.
INDERJIT SINGH SODHI (HUF) VERSUS INCOME TAX OFFICER, WARD-50 (5) , NEW DELHI
(2020) TaxCorp(LJ) 22763 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83768&Category=ITAT&CategoryType=Zip
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ITAT - The instant conversion of the case from limited scrutiny to complete scrutiny cannot be upheld as the same is found to be in total violation of CBDT Instructions No.5/2016.
Dev Milk Foods Pvt. Ltd. Vs Add. CIT
(2020) TaxCorp(LJ) 22748 (ITAT-DELHI)
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ITAT - The whole of the transaction shown by the assessee of the sale of shares is bogus, hence addition u/s 68 justified.
Himalayan Dairies Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 22746 (ITAT-DELHI) · Section 68
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ITAT - AO in all circumstances is supposed to provide the complete reasons for reopening to the assessee. Reassessment proceedings invalid for furnishing incomplete reasons.
Wimco Seedlings Ltd Vs Joint Commissioner of Income Tax
(2020) TaxCorp(LJ) 22744 (ITAT-DELHI)
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ITAT - No penalty u/s.271B for failure to get the accounts audited u/s.44AB as the question of audit doesn't arise where books of accounts not maintained.
Sh. Mohit Garg Vs Income Tax Officer
(2020) TaxCorp(LJ) 22741 (ITAT-DELHI) · Section 271B
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ITAT - running transactions under a current account between holding and subsidiary transactions not under deemed dividend ambit u/s 2(22)(e).
Exotica Housing & Infrastructure Company Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22740 (ITAT-DELHI)
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ITAT - Commencement of business - Assessee had not only set up its business but had also commenced its business during the previous year itself by making investment in purchase of land, income from FDRs out of surplus money is not taxable as income from other sources and expenses incurred by assessee for the purpose of setting up its business allowed.
Jindal Realty Pvt Ltd. Vs The ACIT
(2020) TaxCorp(LJ) 22738 (ITAT-DELHI)
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As decided in own case Proviso to Section 2(15) of the Act, which was inserted by Finance Act, 2008, was directed to prevent the unholy practice of pure trade, commerce and business entities from masking their activities and portraying them in the garb of an activity in the object of a general public utility but was not designed to hit at those institutions, which had the advancement of the objects of general public utility at their hearts and were charity institutions.
ITO (E) , TRUST WARD-1 (1) , NEW DELHI. VERSUS ALL INDIA FINE ARTS & CRAFTS SOCIETY, NEW DELHI.
(2020) TaxCorp(LJ) 22736 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83721&Category=ITAT&CategoryType=Zip
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The assessee since beginning of the re-assessment proceedings have denied to have paid any amount to the Medical College. Assessee in his explanation in writing as well as affidavit has affirmed that he has not paid any amount for admission of his daughter to MBBS Course because of the losses suffered by him in the business. Further explained that amount of admission fees was paid by his brothers on behalf of his daughter which is supported by documentary evidences, though the same were not accepted by the Revenue. The daughter of the assessee has also owned-up that amount in question have been paid through her uncle for admission to the Medical College.
SHRI RAJINDER SINGH VERSUS THE INCOME TAX OFFICER, WARD – 42 (4) , NEW DELHI.
(2020) TaxCorp(LJ) 22734 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83724&Category=ITAT&CategoryType=Zip
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Inappropriate words in the penalty notice has not been struck off and the notice does not specify as to under which limb of the provisions, the penalty u/s 271(1)(c) has been initiated, therefore, we are of the considered opinion that the penalty levied u/s 271(1)(c) is not sustainable and has to be deleted. Although the Ld. DR submitted that mere non-striking off of the inappropriate words will not invalidate the penalty proceedings, however, the decision of SSA'S Emerald Meadows Where the SLP filed by the Revenue has been dismissed Is directly on the issue contested herein by the Assessee.
DCIT CENTRAL CIRCLE-5, NEW DELHI VERSUS METRO TYRES PVT. LTD.
(2020) TaxCorp(LJ) 22733 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83728&Category=ITAT&CategoryType=Zip
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Assessee has not pointed out any distinguishable facts, therefore, no infirmity is found with regard to reopening of the assessment. Further, the A.O. has recorded reasons for reopening of the assessment based on material collected during the course of search operation in the case of Shri S.K. Jain and Shri V.K. Jain. Therefore, reliable and cogent evidences were found during the course of search and such information was considered genuine on which A.O. formed his opinion for reopening of the assessment, therefore, reopening of the assessment is valid in the matter in issue.
M/S. RMP HOLDING (P) LTD. VERSUS THE INCOME TAX OFFICER, WARD-15 (1) , NEW DELHI.
(2020) TaxCorp(LJ) 22732 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83729&Category=ITAT&CategoryType=Zip
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The ledger account of the subsidiary company in assessment year under appeal also clearly reveals that it is the assessee company who have given the amount mostly to the subsidiary company which have been returned to the subsidiary company by the assessee company. Therefore, on such facts when the Revenue did not dispute the transactions in the current account between the assessee company and the subsidiary company in earlier as well as in subsequent year and the assessee company on most of the occasions have made payment to the subsidiary company, which have been returned by assessee company for business purposes, there was no reason to apply provisions of Section 2(22)(e).
M/S. EXOTICA HOUSING AND INFRASTRUCTURE COMPANY PVT. LTD. VERSUS THE INCOME TAX OFFICER, WARD – 8 (4) , NEW DELHI.
(2020) TaxCorp(LJ) 22731 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83730&Category=ITAT&CategoryType=Zip
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ITAT - Where interest payable to individual depositor was less than Rs. 2500/- then no TDS u/s 194A applicable on “provision of interest payable to depositors” .
The Dy. Commissioner of Income-Tax Vs Sahara India Financial Corporation Ltd
(2020) TaxCorp(LJ) 22728 (ITAT-DELHI) · Section 194A
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ITAT - Guarantee fee to Dutch holding co. is neither interest under Article 11 of the India-Netherlands DTAA nor Fees for Technical Services [FTS] under Article 12 of the DTAA. TDS u/s. 195 is not applicable.
Lease Plan India Pvt. Ltd Vs DCIT
(2020) TaxCorp(LJ) 22727 (ITAT-DELHI)
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In the present scenario where the assessee is dealing in items, which were available in international market also, then same practice has to be adopted worldwide and hence the necessity of availment of management services. Merely because the assessee was increasing expenditure on its personnel and other expenses, cannot be the yardstick for deciding whether assessee had any need to avail the services. It is outside the domain of Assessing Officer to traverse in such direction. AO categorically states that assessee had availed services in various fields, but it is outside his domain to decide whether there was any necessity to avail such services or not.
MICHELIN INDIA PVT. LTD., (FORMERLY KNOWN AS MICHELIN INDIA TYRES PVT. LTD.) VERSUS THE JCIT (OSD) , CIRCLE-6 (1) , NEW DELHI. AND DCIT, CIRCLE-6 (1) , NEW DELHI VERSUS MICHELIN INDIA TYRES PVT. LTD.
(2020) TaxCorp(LJ) 22711 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83712&Category=ITAT&CategoryType=Zip
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In the case of the assessee where substantial activities were carried out by the assessee, since the date of incorporation which had culminated in raising loans, making investment in purchase of land, which was reflected as stock in trade and also advancing loans to associate concerns for purchasing different pieces of land, in order to fulfil the condition of Land Bank of 100 Acres or more, to develop the township in Haryana and where the assessee is entered into development agreement at the close of the present year/beginning of the next year, then assessee can be said to have set up and commenced its business.
JINDAL REALTY PVT LTD. VERSUS THE ACIT, CIRCLE-10 (1) , NEW DELHI.
(2020) TaxCorp(LJ) 22710 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83713&Category=ITAT&CategoryType=Zip
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