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The words benefit and perquisite are used in this clause of sub-section (24) to Section 2. Whether gifting shares amounts any benefit or perquisite has to be looked into. In the present case at one point the AO has stated that there is benefit to assessee company but at the same time states that the transaction of gift of shares held by Mrs. Arti Jindal in the assessee company to M/s PRJ Holding Private Trust was not valid and was a sham and void transaction which was undertaken to avoid tax.
GLEBE TRADING PVT. LTD. VERSUS ITO WARD-10 (2) C.R. BUILDING NEW DELHI
(2020) TaxCorp(LJ) 22480 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83259&Category=ITAT&CategoryType=Zip
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The notice was issued in the year 1997 hence cannot be given any relevance with regard to determination for the issue before us. The fact that the land in question has been sold after obtaining NOC from the ADM, South District, New Delhi on 24.01.2011. We find that the main objects of the company are to acquire purchase take on lease are otherwise any land building, structures plot to act as real estate agents in connection with buildings schemes and also to be colonizers to sale plots and flats.
M/S KOHLI ESTATES PVT. LTD. VERSUS INCOME TAX OFFICER, WARD-14 (4) , NEW DELHI
(2020) TaxCorp(LJ) 22479 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83232&Category=ITAT&CategoryType=Zip
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2nd proviso to section 269SS lays down that the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
RAGHURAJ SINGH VERSUS JCIT RANGE-3, NOIDA
(2020) TaxCorp(LJ) 22478 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83233&Category=ITAT&CategoryType=Zip
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AO made the addition by invoking the provisions of Section 40A(2)(b) of the Act which are applicable to the expenses considered to be excessive or unreasonable having regard to the fair market value of the goods/services or facilities for which the payment is made. However, in the instant case, the AO estimated the profit of the assessee and determined the income, nowhere he doubted the expenses incurred by the assessee. AO was not justified in making the addition by invoking the provisions of Section 40A(2)(b) of the Act which are applicable to the expenditure and not to the receipts and the ld. CIT(A) rightly deleted the same.
M/S KEC DELCO DUTSAN (JV) VERSUS INCOME TAX OFFICER, WARD-2 (3) , GURGAON
(2020) TaxCorp(LJ) 22477 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83236&Category=ITAT&CategoryType=Zip
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In the present case, there is gross violation of the procedure laid down in the Act. For seeking transfer of jurisdiction, there is a prescribed procedure in Sec. 127 and the CIT-8 had to refer the issue to CIT-13 explaining the reasons as to why he wants to get the case transferred to him. A regular order u/s 127 had to be passed by Pr.CIT-13 and only then the jurisdiction could be transferred from Ward 39(4) to Ward 23(4).
MANJIT SINGH SARIN VERSUS ITO WARD-23 (4) NEW DELHI
(2020) TaxCorp(LJ) 22475 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83240&Category=ITAT&CategoryType=Zip
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It is not the case of the AO that the loan advanced to the sister concern was not recorded in the books of accounts. It is not also the case of the AO that interest expenditure claimed as deduction by the assessee should have been disallowed under the provision of section 36(1)(iii). The fact remains that the AO has proceeded to bring to tax notional income without there being any machinery provisions in the Act.
ITO WARD-16 (3) , NEW DELHI VERSUS M/S. MAX VENTURES INVESTMENT HOLDINGS PVT. LTD. (FORMERLY KNOWN AS M/S. DYNAVEST INDIA PVT. LTD.) , NEW DELHI
(2020) TaxCorp(LJ) 22472 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83222&Category=ITAT&CategoryType=Zip
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Respectfully following the decision of the coordinate bench in assessee/s own case, we direct the ld AO to grant depreciation on this asset @60%. CIT (A) is correct that the ld AO has failed to record satisfaction about the correctness of the claim of the assessee that it has not incurred any expenditure to earn the exempt income. It is also true that the assessee has not received any exempt income during the year.
ACIT, CIRCLE-20 (2) , NEW DELHI VERSUS QUIPPO OIL & GAS INFRASTRUCTURE LTD AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22463 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83187&Category=ITAT&CategoryType=Zip
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Registration under section 12AA cannot be refused on the ground that trust has not commenced the charitable or religious activity. Question of exemption of the application of the income received by way of the donation being a separate issue might be examined in assessment proceeding of relevant years.
MARIAM EDUCATION SOCIETY VERSUS CIT (EXEMPTION) , GOMTI NAGAR, LUCKNOW
(2020) TaxCorp(LJ) 22444 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83103&Category=ITAT&CategoryType=Zip
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If 8 per cent of gross receipts are deemed income of the assessee, the remaining 92 per cent are also deemed expenditure of the assessee. Meaning thereby that actual expenditure may not be 92 per cent of gross receipts, only for the purposes of taxation, it is considered to be so. Expenditure may be less than 92 per cent or it may also be more than 92 per cent of gross receipts.
SYED KHALID SAIFULLAH VERSUS INCOME TAX OFFICER, WARD-28 (4) , NEW DELHI
(2020) TaxCorp(LJ) 22430 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83033&Category=ITAT&CategoryType=Zip
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Assessee has already filed original return of income accompanied by P & L A/c, balance-sheet. In the original return of income, the assessee has disclosed the receipt of ₹ 7 lakhs from Shri Praveen Kumar as per balance-sheet. Copy of the ledger account shows that it is already disclosed in the books of account of the assessee. Therefore, receipt of ₹ 7 lakhs from Shri Praveen Kumar as advance was already disclosed in the original return of income.
M/S. ALANKAR SAPHIRE DEVELOPERS VERSUS THE DCIT, CENTRAL CIRCLE-15 (OLD), CENTRAL CIRCLE-14 (NEW) NEW DELHI., THE ACIT, CENTRAL CIRCLE-14, NEW DELHI
(2020) TaxCorp(LJ) 22429 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83037&Category=ITAT&CategoryType=Zip
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It is also an admitted fact that name of the assessee nowhere appeared in the said document albeit the name of Smt. Vineeta Chaurasia that she has entered into an agreement for sale of commercial property in Vasant Square Mall has been mentioned. Apart from that, the aforesaid finding of the Ld. CIT(A) that this addition cannot be made in the hands of the assessee for the reason that, firstly, the name of the assessee is not mentioned in the seized document.
DCIT, CENTRAL CIRCLE-25, NEW DELHI. VERSUS M/S. SUNCITY PROJECTS PVT. LTD.
(2020) TaxCorp(LJ) 22417 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83006&Category=ITAT&CategoryType=Zip
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When the assessee bank does not have any segregation value of land and building of the said premises and it has paid composite price, the entire depreciation claim is allowable under Section 32 of the Act. So, following the aforesaid decision rendered by the Co-ordinate Bench of the Tribunal in CIT vs. Rajesh Exports Ltd. and when it is categoric case of the assessee that the purchase price of land and building is composite one and it has no segregation of value of land and building separately, disallowance made by the AO/ CIT (A) is not sustainable in the eyes of law.
M/S NATIONAL HOUSING BANK VERSUS DY. COMMISSIONER OF INCOME TAX, NEW DELHI
(2020) TaxCorp(LJ) 22394 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82921&Category=ITAT&CategoryType=Zip
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The nature of receipts as shown in the income and expenditure account and has also been noted by the Ld. AO is flowing from the activities carried out in pursuance of the objects for which it was granted registration u/s 12AA. Assessee trust has basically has received fees from the students for value education workshop and giving coaching for the sports. Such an activity ostensibly falls within the ambit of category of education and giving coaching in sports is also one of the related activities for the overall development of the youth and the sports activities.
ITO (E) WARD-2 (4) , NEW DELHI VERSUS NATIONAL FOUNDATION TRUST
(2020) TaxCorp(LJ) 22392 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82924&Category=ITAT&CategoryType=Zip
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Not in dispute that the assessee is engaged in the activity of education which qualifies as charitable purpose within the meaning of Section 2(15). There is no reference in the impugned order dated 27.09.2016 of Ld. CIT(E), whatsoever, to any facts and circumstances which can be said to be violative of provision of Section 12A read with Section 12AA. No materials have been brought to our attention from the Revenue’s side either to show how any of the provision under Section 12A read with 12AA are not fulfilled by the assessee.
M/S NAV BHARAT SHIKSHA SAMITI VERSUS COMMISSIONER OF INCOME–TAX (E) , CHANDIGARH.
(2020) TaxCorp(LJ) 22383 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82893&Category=ITAT&CategoryType=Zip
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Once the assessee alleged that his income is not taxable during the provisions of the Act there cannot be any obligation upon the assessee to pay advance tax.
PARMANAND SHARMA VERSUS ITO WARD- 2 (4) NOIDA
(2020) TaxCorp(LJ) 22378 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82901&Category=ITAT&CategoryType=Zip
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Section 147 of the Act has been made without any tangible material, but on pursuant of the same material which were available before the Assessing Officer at the time of framing of the original assessment. AO was explained during the course of original assessment vide letter dated 11.12.2012 to show that such loss is not speculative in nature. Further it was also pointed out to the Assessing Officer that similar claim of the assessee was duly accepted in proceedings under Section 143(3) of the Act for assessment year 2009-10.
ACIT, CIRCLE-9 (1) , NEW DELHI VERSUS M/S. FIEM INDUSTRIES LTD
(2020) TaxCorp(LJ) 22359 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82783&Category=ITAT&CategoryType=Zip
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AO has not recorded any satisfaction as to which limb of section 271(1)(c) of the Act has not been fulfilled and have not issued show cause notice in this regard and hence, initiation of penalty proceedings are bad in law.
PRAMOD KUMAR VERSUS ACIT, NAJIBABAD, DIST. BIJNOR UP
(2020) TaxCorp(LJ) 22358 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82789&Category=ITAT&CategoryType=Zip
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Reason for which the case was picked up for limited scrutiny relates to the AIR information on the cash deposits in the savings bank account. Assessing Officer did not obtain the written approval of the concerned Commissioner before extending the scope of scrutiny in respect of disallowance under Section 14A.
BOTHRA FINANCIAL SERVICES VERSUS ITO WARD-5 (4) , NEW DELHI
(2020) TaxCorp(LJ) 22354 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82797&Category=ITAT&CategoryType=Zip
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As additions concerned for want of TDS, we find that the said payment was made for printing of leaflet and thus it is in the nature of purchase and VAT has been charged by the seller of the goods under Delhi VAT Act and therefore, the provisions of TDS are not applicable on such facts, no inference is called for. This ground is also dismissed.
ITO, WARD NO. -1 (3), GHAZIBAD VERSUS M/S HERCULES CRANES PVT. LTD.
(2020) TaxCorp(LJ) 22322 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82564&Category=ITAT&CategoryType=Zip
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Both the lower authorities namely, the Ld. CIT(A) as well as the AO have failed to bring anything on record to prove conclusively, that the allegation of payment of on-money is in consonance with circle rate or with valuation of the land by Stamp Duty Authority.
SHRI VIJAY MOHAN GUPTA, NEW DELHI. VERSUS INCOME TAX OFFICER, WARD- 32 (3), NEW DELHI.
(2020) TaxCorp(LJ) 22321 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82565&Category=ITAT&CategoryType=Zip
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