-
There is no dispute about the sources of money wherefrom the expenditure had been incurred which has already suffered taxation in the hands of the company Spaze Towers and the very same money cannot be considered as representing undisclosed income of the appellants for which false explanation is being given as loan to attract the provisions of section 269SS r.w.s 271D.
M/S K.S. CHAWLA & SONS (HUF) , SHRI DEEPAK KUMAR, SHRI VIPIN SHARMA, SHRI AMAN SHARMA, SHRI SURINDER PAL SINGH CHAWLA, SHRI JASPAL SINGH CHAWLA, SHRI HARPAL SINGH CHAWLA, BHARAT BHUSHAN KUMAR VERSUS JCIT, CENTRAL RANGE, GURGAON
(2019) TaxCorp(LJ) 19978 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77339&Category=ITAT&CategoryType=Zip
-
A comparative study of pre-amendment and post amendment provisions of Sec. 32(2) suggests that prior to the amendment, the set off was restricted to the profits and gains, if any, of any business or profession whereas post amendment (i.e. the law applicable for the year under consideration) the set off is available from profits or gains chargeable for the previous year.
M/S HINDON RIVER MILLS LTD VERSUS THE DY. C.I.T. CIRCLE - 1 GHAZIABAD
(2019) TaxCorp(LJ) 19977 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77340&Category=ITAT&CategoryType=Zip
-
We are still persuaded by the earlier years precedence, wherein the Tribunal has separately attributed profits in the hands of the assesse company wherein they have adopted 35% of the profit as against 75% of the global profit in respect of sales affected in India as done by AO.
Rolls Royce Plc. Vs Deputy Director of Income Tax
(2019) TaxCorp(LJ) 19970 (ITAT-DELHI)
-
Merely on basis of the office being large, the same cannot be said to be vacant property so as to attract provisions of sec. 23 of the act.
Ideal Hitech Engineering Equipment (P) Ltd Vs ITO
(2019) TaxCorp(LJ) 19968 (ITAT-DELHI) · Section 23
-
The payment of fee, in absence of evidence of any services rendered, is not justified.
Vatika Ltd Vs DCIT
(2019) TaxCorp(LJ) 19966 (ITAT-DELHI)
-
S. 153A, 153C Search Assessments: The Act has separate provisions for making assessment in case of material found in the course of search from premises of assessee (s. 153A) as well as material found in course of search at premises of third party (S. 153C). Even if search happens in case of assessee, the AO cannot initiate proceedings u/s 153A if incriminating material is found during search of other person. Proceedings should be initiated u/s 153C and failure to do so renders the addition in the s. 153A assessment void-ab-initio (Vinod Kumar Gupta 165 DTR 409 (Del) distinguished)
Trilok Chand Chaudhary vs. ACIT
(2019) TaxCorp(LJ) 19941 (ITAT-DELHI) · Sections 153A, 153C
-
CIT(A) rightly observed that the payment of commission are made to non-resident overseas agents who have no PE or business activities in India and the services are also rendered outside India as such no income is arising to the non-resident commission agent in India and as such no TDS is deductible u/s 194-H which is applicable for resident Indians only. Thus, there is no need to interfere with the findings of the CIT(A). The appeal of the Revenue is dismissed.
ACIT, CIRCLE-30 (1), NEW DELHI. VERSUS ISHMAN INTERNATIONAL
(2019) TaxCorp(LJ) 19940 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77249&Category=ITAT&CategoryType=Zip
-
The debenture cannot be treated as a capital asset of the issuer company because it is a kind of debt instrument. It is a capital asset in the hands of the person subscribing to the debenture or the allottee of the debenture.
R.S. Triveni Foods P. Ltd Vs Addl. CIT
(2019) TaxCorp(LJ) 19918 (ITAT-DELHI) · Section 56(2)(ix)
-
There is no dispute with regard to purchase and import of mobile phones by the assessee from China. The major portion of the imported mobile phones was sold when the goods were in transit by way of high sea sales.
M/S SINGHAL EXIM PVT. LTD. VERSUS INCOME TAX OFFICER, WARD-23 (4) , C.R. BUILDING, NEW DELHI.
(2019) TaxCorp(LJ) 19913 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77126&Category=ITAT&CategoryType=Zip
-
When assessee has taken the advance against consultancy services and not for investment in mutual funds nor any interest has been paid, there is no question of any direct nexus between exchange fluctuation loss claimed by the assessee with the exempt income earned during the years under assessment.
Theolia Wind Power Pvt. Ltd Vs ACIT
(2019) TaxCorp(LJ) 19908 (ITAT-DELHI) · Section 14A
-
It is a definite and accrued liability of the assessee for the year for which the services have been rendered by the employees. It is nothing but additional variable salaries payable to the employees.
M/S. T.V. TODAY NETWORK LIMITED VERSUS ADDL. CIT RANGE- 16 NEW DELHI AND DCIT CIRCLE – 25 (2) , NEW DELHI VERSUS M/S. T.V. TODAY NETWORK LIMITED
(2019) TaxCorp(LJ) 19887 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77042&Category=ITAT&CategoryType=Zip
-
S. 37(1): In the professional field there are innovative ways visualized by professionals to make themselves visible in the professional circle and to build their own professional profile for generating higher and value-added business such as sponsoring seminars, becoming knowledge partners, setting up prizes and awards, creating competitive award ceremonies, hosting vibrant summits etc. The way professionals promote themselves is changing very fast and benefits of such expenditure are huge and wide
Harish Narinder Salve vs. ACIT
(2019) TaxCorp(LJ) 19882 (ITAT-DELHI) · Section 37(1)
-
Admittedly, in the instant case, the assessee was regularly filing his return of income at Delhi with his PAN No. linked with the AO at Delhi and he was residing at PS, Dwarka-Sector-9, South West District, New Delhi, in government accommodation and was getting salary from the Delhi Police, therefore, merely because the assessee has received the notice, which was sent in his Gurgaon address and has participated in the assessment proceedings will not give jurisdiction to the Assessing Officer at Gurgaon to have jurisdiction over the assessee.
ATTAR SINGH, C/O SHRI SUDESH GARG, ADVOCATE VERSUS ITO, WARD-1 (2), GURGAON. AND (VICE-VERSA)
(2019) TaxCorp(LJ) 19878 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77021&Category=ITAT&CategoryType=Zip
-
We are of the view that the company having occupied the property for its own purposes, no notional rent can be added. It may be germane to mention here that this is the only property owned and occupied by the assessee as its registered office.
M/S IDEAL HITECH ENGINEERING EQUIPMENT (P) LTD. VERSUS ITO WARD 12 (1) NEW DELHI.
(2019) TaxCorp(LJ) 19875 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77024&Category=ITAT&CategoryType=Zip
-
S. 10(38) Bogus Capital Gains from Penny Stocks (282x gain in 12 months): The meticulous paper work of routing the transaction through banking channel is futile because the results are altogether beyond human probabilities. Neither in the past nor in the subsequent years, assessee has indulged into any such investment having huge windfall. Had the assessee been so intelligent qua the intricacies of the share market, he would have definitely undertaken such risk taking activities in the past or future by making such investment in unknown stock. It is a sham transaction to convert undisclosed income into disclosed by evading tax under the garb of LTCG in connivance with entry providers (Pooja Ajmani & Udit Kalra 176 DTR 249 (Del) followed
Sanat Kumar vs. ACIT
(2019) TaxCorp(LJ) 19858 (ITAT-DELHI) · Section 10(38)
-
It is not the AO but the assessee is carrying on the profession. He knows better that what kind of expenditure he should incur for furtherance of his business.
Shri Harish Narinder salve Vs The Assistant Commissioner of Income tax
(2019) TaxCorp(LJ) 19849 (ITAT-DELHI) · Section 37(1)
-
Set-off and carry forward of losses are dealt with by the provisions of Section 70 to 74, whereas income of the trust is computed u/s. 11 -13 and hence is not hit by those provisions.
Angoori Devi Educational & Cultural Society Vs DCIT
(2019) TaxCorp(LJ) 19848 (ITAT-DELHI) · Section 80
-
In order to invoke Article 11(2) of the DTAA, an onus is cast to establish how the income is taxable according to the laws of the state which in this case is India.
AGR Matthey of Western Australia Through representative assessee PEC Limited Vs ADIT International Taxation
(2019) TaxCorp(LJ) 19815 (ITAT-DELHI)
-
CIT(A) has carefully considered the Inspection Report of Maharashtra Pollution Control Board dated 05.10.2007 who visited the factory of the assessee company at Aurangabad from time to time and their reports which are related to inspection of Effluent Treatment Plant which confirms the operation of ETP(Plant), and other observation made about ETP plant.
ACIT, CIRCLE 12 (1), NEW DELHI VERSUS M/S INDO EUROPEAN BAREWERIES LTD.,
(2019) TaxCorp(LJ) 19811 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76792&Category=ITAT&CategoryType=Zip
-
Referring to Section 41 (1) the amount is added to the income of the assessee only when an allowance or deduction has been made in the assessment for any year.
ACIT CIRCLE – 5 (1) , NEW DELHI VERSUS DHARA VEGETABLE OIL & FOODS CO. LTD. NEW DELHI AND (VICE-VERSA)
(2019) TaxCorp(LJ) 19810 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76794&Category=ITAT&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.