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When the payments have been electronically made on 07.01.2011, which is the due date for deposit of TDS and the money has flown from the bank account of the assessee, it should not make any difference when the same was shown as credited on OLTAS.
BPTP Ltd Vs The DCIT
(2020) TaxCorp(LJ) 21092 (ITAT-DELHI) · Section 201(1A)
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The AO upon examination of books accepted the trading results of assessee as also the purchase of gold. Having accepted the trading results, it is not open for the Assessing Officer to say that the assessee introduced unexplained and unaccounted money into the capital.
Deepak Garg Vs ITO
(2020) TaxCorp(LJ) 21089 (ITAT-DELHI) · Section 41
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It is a valid satisfaction because it is categorically mentioned in the satisfaction note that, assessee company has furnished inaccurate particulars with a view to evade the tax and the reason described above may be treated as satisfaction note for initiating the penalty proceedings u/s 271(1)(c) for the above two additions made. Then, on the basis of aforesaid satisfaction recorded by the AO, notice was issued to the assessee company u/s 274 r/w section 271(1)(c) of the Act which has never been challenged by the assessee company.
M/S. M AND M MACHINE CRAFT (P) LTD., C/O M/S. MALIK AND CO. (ADVOCATES) VERSUS DCIT, CIRCLE 6 (1), NEW DELHI.
(2020) TaxCorp(LJ) 21082 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82001&Category=ITAT&CategoryType=Zip
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It is market practice that if there is any change in prices of handsets by competitors, change in life of mobile model, change in market demand of particular model which affects the sales, the distributor is protected by the Trade Price Protection.
Nokia India Pvt Ltd Vs DCIT
(2020) TaxCorp(LJ) 21079 (ITAT-DELHI)
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It is true that the assessee has claimed forex loss as revenue expenditure. It is equally true that once the Assessing Officer has disallowed the same, the assessee did not agitate the matter before the first appellant authority which is evident from the order of the ld. CIT(A) – 35, New Delhi dated 04.10.2017 wherein we can find grounds relating to foreign exchange loss of ₹ 21.22 crores was never pressed by the assessee and the same were dismissed.
M/S GLOBAL AUTO PARTS INDIA PVT. LTD. VERSUS THE DY. C.I.T CIRCLE – 12 (1) NEW DELHI
(2020) TaxCorp(LJ) 21067 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81950&Category=ITAT&CategoryType=Zip
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It is an undisputed fact that limitation for passing the assessment order, if it was not draft assessment order was 31.03.2014. However, as noted above, the Assessing Officer has passed the draft assessment order and has forwarded the same to the assessee stating that if the assessee does not agree with the transfer pricing adjustment, then he can file objection before the DRP within 30 days of the said order.
NORTH SHORE TECHNOLOGIES PVT. LTD. VERSUS ITO, WARD-13 (3), NEW DELHI.
(2020) TaxCorp(LJ) 21053 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81905&Category=ITAT&CategoryType=Zip
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No order of assessment under section 153A could be passed by the A.O. below the Rank of JCIT except with the prior approval of the Joint Commissioner. In the present case, the assessment order have been passed by the DCIT, CC, Ghaziabad. Thus, the A.O. is below the Rank of JCIT, therefore, before passing the order under section 153A under appeal, the A.O. shall have to obtain prior approval of the JCIT.
SHRI AJAY SHARMA, GHAZIABAD VERSUS THE DCIT, CENTRAL CIRCLE, INCOME TAX OFFICE, GHAZIABAD.
(2020) TaxCorp(LJ) 21052 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81906&Category=ITAT&CategoryType=Zip
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The assessee did not furnish the source of fund available with her as she is not maintaining regular books of account. The ld CIT(A) also noted that her return of income was only ₹ 251500/- and therefore, after meeting the household expenses, she could not have saved above sum available with her. Thus, the creditworthiness of the above loan was not proved.
RELIANCE MEDICO PVT. LTD VERSUS ITO, WARD-3 (3), SAHARANPUR
(2020) TaxCorp(LJ) 21043 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81874&Category=ITAT&CategoryType=Zip
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Even though the assessee has not maintained any books of accounts and has submitted its return of income under the provision of section 44AD, in terms of provision of sections 184 and 185 of the Act, interest and salary to partners has to be allowed.
Singh Construction Company Vs ITO
(2020) TaxCorp(LJ) 21037 (ITAT-DELHI) · Section 44AD
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The AO can widen the scope of scrutiny even when the case is selected for limited scrutiny under CASS, after seeking prior approval of PCIT.
Urban Improvement Co. Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 21036 (ITAT-DELHI) · Section 43CA
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Undisputed facts in the instant case is that the assessee has applied for grant of Direct Broker Licence to the Insurance Regulatory and Development Authority on 01.12.2010 which was granted to the assessee only in February, 2012, therefore in view of RAMARAJU SURGICAL COTTON MILLS LIMITED we hold that the business of the assessee has been set up only in February, 2012.
MARUTI INSURANCE BROKING PVT. LTD. VERSUS DCIT, CIRCLE-16 (1), NEW DELHI.
(2020) TaxCorp(LJ) 21017 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81814&Category=ITAT&CategoryType=Zip
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Assessee has prima facie case for grant of stay subject to conditions.
Genpact India Pvt Ltd Vs DCIT
(2020) TaxCorp(LJ) 21011 (ITAT-DELHI)
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It is the parent entity, who initiates demerger and incur expenditure for legal and professional expenses in relation to such demerger and the resultant company, comes into existence as a result of demerger only.
NIIT Technologies Ltd Vs ACIT
(2020) TaxCorp(LJ) 21010 (ITAT-DELHI) · Section 35DD
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S. 253(3) Condonation of delay: The tendency to perceive delay as a non-serious matter should be discouraged. The notion that the ITAT should always condone the delay should not be promoted. For mistake of lawyer to serve as valid consideration for the purpose of condonation of delay, the mistake must be such as may be made by a professional lawyer well-versed and experienced in law. "Useless advice" by a professional to not file appeal and to instead file a Cross Objection if Revenue filed the appeal cannot help the assessee because there was always going to be a chance that Revenue might not file appeal. Counsel must disclose the circumstances in which incorrect advice was given and, it is not sufficient to make a perfunctory and general statement that wrong advice was given bonafide (all judgements considered)
Boutique Hotels India (P) Ltd vs. ACIT
(2020) TaxCorp(LJ) 20996 (ITAT-DELHI) · Section 253(3)
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Assessee has submitted to the AO that ₹ 8,77,100/- is the sale proceeds of the stock balance he was having as on 31.03.2009 and balance ₹ 1,22,900/- was deposited out of the cash balance available with him. In this regard, the assessee has also filed the balance sheet with the AO which he has filed along with the return of income for preceding assessment year. As per the balance sheet as on 31.03.2009 the assessee was having closing stock of ₹ 9,07,250/- and cash in hand of ₹ 2,30,127/-.
TARA CHAND VERSUS ITO, WARD 62 (4), NEW DELHI
(2020) TaxCorp(LJ) 20967 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81712&Category=ITAT&CategoryType=Zip
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Lower authorities erred in questioning the need and benefit arrived by the assessee from payment in respect of availing of services from its AE. All that is required to be seen is as to whether there was actual rendition of services or not. We have carefully gone through the emails and invoices placed in the paper book vis a vis TSA Agreement. In our considered opinion, these documentary evidences clearly show the rendition of services by the AE to the appellant company.
GBT INDIA PVT. LTD VERSUS THE A.C.I.T CIRCLE 10 (1) NEW DELHI
(2020) TaxCorp(LJ) 20964 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81726&Category=ITAT&CategoryType=Zip
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Since there is no specific provision in the DTAA as regards the computation of 'Book Profit' for the purpose of levy of MAT, the basic tax laws in force in the country (Sec.115JB) will get attracted.
IRCON International Limited Vs Dy. C.I.T.
(2020) TaxCorp(LJ) 20961 (ITAT-DELHI)
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There is nothing contrary on record to show that the assessee has complied with the requirements of the learned Assessing Officer in the exercise of forming satisfaction as to the identity and the creditworthiness of the share applicants or the genuineness of the transaction.
M/S. PAR EXCELLENCE LEASING AND FINANCIAL SERVICES PVT. LTD. VERSUS ACIT, CENTRAL CIRCLE-21, NEW DELHI.
(2020) TaxCorp(LJ) 20948 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81657&Category=ITAT&CategoryType=Zip
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In the order passed u/s 143(3) in the case of MGFD, the amount of ₹ 57 crores has been accepted by the AO as the share of revenue @ 60% of the hotel project at Jaipur. We, therefore, find merit in the submission of the ld. Counsel for the assessee that when the AO is not discarding the contribution of MGFD towards the completion of the project which is for the financing, implementation, providing brand name and other technical assistance for completion of the project.
ACIT, CENTRAL CIRCLE-7, NEW DELHI. VERSUS VISHNU APARTMENTS PVT. LTD., JAIPUR.
(2020) TaxCorp(LJ) 20947 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81643&Category=ITAT&CategoryType=Zip
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Addition made by AO on account of alleged excess share premium is unjustified when those very shares are sold in next financial year at much higher amount after proper due diligence, that to a non resident buyer and further there is no case of unaccounted money being brought in garb of stated share premium, hence, addition made u/s 56(2)(vii) of the Act is hereby deleted.
M/S CLEARVIEW HEALTHCARE PVT. LTD. VERSUS ITO, WARD 6 (2), NEW DELHI
(2020) TaxCorp(LJ) 20906 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81544&Category=ITAT&CategoryType=Zip
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