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Sec. 28(iv) can only be invoked in case of any income arising from business or profession.
Simpson Unitech Wireless (P) Ltd and Shri Sanjay Chandra Vs ITO
(2019) TaxCorp(LJ) 20684 (ITAT-DELHI) · Section 28(iv)
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ITAT - Benefit of sec.54F before its amendment vide Finance Act, 2014 w.e.f 01.04.2015 can be extended to a residential house purchased outside India.
Shri Harvinder Singh Vs The ACIT
(2019) TaxCorp(LJ) 20624 (ITAT-DELHI) · Section 54F
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ITAT - Cranes are to be treated as motor vehicles and eligible for depreciation at higher rate.
Akbar Qureshi Vs ITO
(2019) TaxCorp(LJ) 20620 (ITAT-DELHI)
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ITAT - Interest earned from funds temporarily parked in FDRs out of borrowed funds is capital in nature since it is inextricably linked with the setting up of assessee's hotel.
Income-tax Officer Vs Triumph Realty Pvt. Ltd.
(2019) TaxCorp(LJ) 20611 (ITAT-DELHI)
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ITAT - Late fees u/s 234E for assessee's delay in filing of TDS return in Form 24Q justified even though it was owing to “procedural default”.
GMV Services Vs ACIT
(2019) TaxCorp(LJ) 20598 (ITAT-DELHI) · Section 234E
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S. 147 Reopening of Bogus share capital/ premium: If the PCIT, while granting approval for issue of notice u/s. 148, has only mentioned “YES”, it establishes that the approving authority has given approval to the reopening of assessment in a mechanical manner without due application of mind. On this count the reassessment is not sustainable in the eyes of law and needs to be quashed (All imp judgements referred)
Blue Chip Developers (P) Ltd vs. ITO
(2019) TaxCorp(LJ) 20580 (ITAT-DELHI) · Section 147
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Annual listing fees paid to stock exchange is an admissible business deductible expenditure.
DCIT Vs Great Eastern Energy Corporation Ltd
(2019) TaxCorp(LJ) 20536 (ITAT-DELHI)
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Assessee's method of Revenue recognition based on percentage of completion during the year is in consonance with the well recognised Accounting Standard - 7 issued by the ICAI.
Nokia Solutions and Networks India Pvt Ltd Vs The Addl.CIT.
(2019) TaxCorp(LJ) 20497 (ITAT-DELHI)
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The applicant has a prima-facie case in its favour, insofar as granting of stay against recovery of outstanding demand is concerned, subject to the condition that part of the demand totaling to Rs.20 crores is paid by the applicant.
Fox Networks Group Singapore PTE Ltd Vs The ACIT
(2019) TaxCorp(LJ) 20474 (ITAT-DELHI)
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Thorough and investigative enquiries were conducted by the Assessing Officer, not only from the assessee, but also from all the concerned persons and hence revisionary powers u/s. 263 cannot be invoked. Proceedings u/s 263 of the Act have been initiated in this case apparently on the basis of false, frivolous and baseless allegations with malafide intention of the quarter concerned which were also examined and found not sustainable by the Vigilance Directorate of Income-tax Department.
Smt. Shumana Sen Vs The DCIT
(2019) TaxCorp(LJ) 20471 (ITAT-DELHI) · Section 263
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If all these things are put in perspective, then the contention of the ld. Special Counsel and ld. CIT (E) is to be believed that it is only when the Investigation Wing and Income-tax Department started making certain investigation and enquiries and also looking to the fact that no genuine activity was carried out for the period of five years, the assessee may have been prompted to surrender its registration u/s. 12AA.
Young Indian Vs CIT
(2019) TaxCorp(LJ) 20452 (ITAT-DELHI)
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If the assessee acquires a new property on sale of a capital asset in terms of Sec.54, then irrespective of the Nexus of the fund, mathematical formulae is required to be applied for the purpose of computation of the chargeability of the balance capital gain.
Romita Mathur Vs DCIT
(2019) TaxCorp(LJ) 20451 (ITAT-DELHI) · Section 54
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CIT(A) rejected assessee's plea for rectification upon observing that the issue of adjustment to cost had already been decided and holding that rectification application can only be entertained with respect to the visible flaws in the order and not for the adjudication of grounds. In such an event the Revenue need not have any grievance against such a finding of the CIT(A). Dismisses the ground of the Revenue.
Tower Watson India Pvt. Ltd. (Formerly known as Watson Wyatt India Pvt. Ltd.) Vs ACIT
(2019) TaxCorp(LJ) 20449 (ITAT-DELHI)
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The intention of introducing Section 241A simultaneous with the insertion of the aforenoted proviso was to address the grievance of the assessees relating to delay in issuance of refund in genuine cases which are routinely selected for scrutiny assessment.
Maple Logistics Private Limited &Anr Vs Principal Chief Commissioner of Income Tax & Ors
(2019) TaxCorp(LJ) 20432 (ITAT-DELHI) · Section 241A
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Payment was made from the current account held with the bank, are duly reflected in the ledger accounts. The details of party wise interest paid also reveals that no interest was paid to such bank. The said bank account is reflecting under the head current assets in the balance sheet. It is the case of the assessee that the assessee had to apply for the flat as a measure of commercial expediency in order to recover the fees amount.
M/S DESIGN FORUM INTERNATIONAL VERSUS ACIT, CIRCLE-63 (1), NEW DELHI
(2019) TaxCorp(LJ) 20429 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79085&Category=ITAT&CategoryType=Zip
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S. 56(2)(viia) cannot apply to a foreign company as Rule 11U(b)(ii) (prior to 01.04.2019) which defines "balance sheet‟ was not applicable to a foreign company. If the computation provisions cannot apply, the charging section cannot apply. The amendment to Rule 11U with effect from 1.4.19 is prospective in nature (B. C. Srinivasa Shetty 128 ITR 294 (SC), Palai Central Bank Ltd (1985) 1 SCC 45 followed)
Keva Industries Pvt. Ltd vs. ITO
(2019) TaxCorp(LJ) 20417 (ITAT-DELHI) · Section 56(2)(viia)
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S. 68/ 69C: Bogus share capital + Bogus purchases: Photocopies of blank share transfer forms, blank signed receipts etc necessary for transfer of shares found with assessee are not admissible as evidence u/s 61 of Evidence Act and not incriminating in nature. On merits, all investors are assessed & have filed confirmations with trail of funds. AO did not make further inquiry into the documentary evidences or verify the trail of source of funds. As regards bogus purchases, the AO cannot blow hot & cold by disallowing the purchases from a party as bogus while treating sales to same party as genuine
Agson Global Pvt. Ltd vs. ACIT
(2019) TaxCorp(LJ) 20416 (ITAT-DELHI) · Sections 68, 69C
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Royalty paid to foreign company for merely acquiring right to use the technical know-how whereas the ownership remained with the foreign company, shall be allowed as business expenditure.
Heidelberg Cement India Pvt Ltd Vs DCIT
(2019) TaxCorp(LJ) 20397 (ITAT-DELHI)
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CBDT Circular No.6/2016 dated 29th February, 2016 cannot be held prospective in nature, since it is clarificatory in nature.
Lustre Merchants Pvt. Ltd., Vs DCIT
(2019) TaxCorp(LJ) 20395 (ITAT-DELHI)
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Sec 24(b) (providing for interest deduction) and Sec. 48 (providing for computation of capital gains) are covered under different heads and neither of the sections excludes operation of the other.
Ashok Kumar Shahi Vs ACIT
(2019) TaxCorp(LJ) 20365 (ITAT-DELHI)
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