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ITAT - Solely on the basis of the statement of one family member, the addition was made in the case of all the family members, which cannot be done.
DEPUTY COMMISSIONER OF INCOME TAX, NEW DELHI VERSUS SMT. SHIVALI MAHAJAN, SMT. RINKU MAHAJAN, SHRI JATIN MAHAJAN, SHRI NITIN MAHAJAN, SMT. ANILA MAHAJAN, SHRI LALIT MAHAJAN AND (VICE-VERSA)
(2019) TaxCorp(LJ) 16899 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=71137&Category=ITAT&CategoryType=Zip
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ITAT - CIT(A) has no power to adjudicate the issue by introducing a new source of income and his order has to be confined to those items of income which is subject matter of original assessment.
ACIT, CENTRAL CIRCLE-15, NEW DELHI. VERSUS VERSATILE POLYTECH P. LTD., NEW DELHI. AND (VICE-VERSA)
(2019) TaxCorp(LJ) 16876 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=71104&Category=ITAT&CategoryType=Zip
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ITAT - (i) Provisions of section 68 has been held can’t be applicable to mere share sale which is not akin to receipt of gift, loan, share capital, advance etc (ii) bank account can’t be loosely called as books of account u/s 68 (iii) ITAT at belated stage can’t improve the order of AO and covert the addition from section 68 to section 69A etc.
VINESH MAHESWARI, RIMA MAHESWARI AND ITO, WARD 61 (2) (3), NEW DELHI
(2019) TaxCorp(LJ) 16875 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=71105&Category=ITAT&CategoryType=Zip
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ITAT - When option of sub-clause (i) [of Explanation (a)] has not been exercised, then Ld. CIT (A) cannot resort to apply the same and reject the substantiation provided in sub- clause (ii).
India Today Online Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 16864 (ITAT-DELHI)
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S. 68 Bogus Share Capital: Merely presenting of documents & making payment through bank or appearance by director before the AO & admitting fact of share application made is in itself not sufficient to justify the genuineness of the transaction. It is against human probability that anyone will invest and pay share premium in a company without net worth or future prospectus. All applicants with common address are being controlled remotely by one person. These applicants are all paper companies not having sufficient worth and created for providing entries of share application money or share capital or loans by way of accommodation entries (NDR Promoter 410 ITR 379 (Del) & NRA Iron & Steel 103 TM.com 48 (SC) followed) INCOME TAX APPELLATE TRIBUNAL
ITO vs. Synergy Finlease Pvt. Ltd
(2019) TaxCorp(LJ) 16848 (ITAT-DELHI) · Section 68
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ITAT - Where the AO had accepted the assessee’s surrender without any questions being asked, no penalty u/s 271AAA was leviable.
AJAY KUMAR GUPTA VERSUS DCIT, CC-04 NEW DELHI
(2019) TaxCorp(LJ) 16740 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70691&Category=ITAT&CategoryType=Zip
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ITAT - When it is not discernible from the assessment order as to whether assessee has furnished inaccurate particulars of income or has concealed particulars of income so as to apply the deeming provisions contained under Explanation 1 (A) & 1(B) of the Act, the penalty u/s 271(1)(c) of the Act is not sustainable.
INCOME TAX OFFICER, WARD 51 (5), NEW DELHI VERSUS M/S. MBIANS INTERNATIONAL INC.
(2019) TaxCorp(LJ) 16737 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70696&Category=ITAT&CategoryType=Zip
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ITAT - Since order regarding enhancement of income has been set aside, the very basis on which the penalty u/s 271(1)(c) was levied does not survive. Penalty deleted.
SRISHTI RESIDENT WELFARE ASSOCIATION VERSUS ITO, EXEMPTION WARD, GHAZIABAD.
(2019) TaxCorp(LJ) 16736 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70698&Category=ITAT&CategoryType=Zip
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ITAT - Share-allotment date and not share-application is relevant for applicability of Sec.56(2)(viib) provision for shares allotted at a premium.
Cimex Land and Housing Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 16723 (ITAT-DELHI) · Section 56(2)(viib)
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S. 28(iv)/ 56(2)(viia)/ 47(vii): S. 56(2)(viia) is an anti-abuse provision which applies only to cases of bogus capital building and money laundering. It does not apply to an amalgamation where shares are allotted at alleged undervaluation. Increase in general reserves due to recording of assets of amalgamating company at FMV not give rise to any real income to the assessee. It is capital in nature. Amendment to s. 47(vii) by FA 2012 is clarificatory & retrospective
Aamby Valley Ltd vs. ACIT
(2019) TaxCorp(LJ) 16710 (ITAT-DELHI) · Sections 28(iv), 56(2)(viia), 47(vii)
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S. 10(38) Bogus LTCG from Penny Stocks: Capital gains cannot be treated as bogus solely on the basis that the price of the shares has risen manifold and the reason for astronomical rise is not related to any fundamentals of market. If the transactions are duly proved by trading from stock exchange and the documentation is proper, the gains cannot be assessed as unexplained credit or as unexplained money
Mukta Gupta vs. ITO
(2019) TaxCorp(LJ) 16670 (ITAT-DELHI) · Section 10(38)
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ITAT - Since there was non-application of mind by AO while initiating special audit, period taken for special audit u/s 142(2A) cannot be excluded to quash reassessment on the ground of limitation.
Consulting Engineering Services Pvt. Ltd Vs ACIT
(2019) TaxCorp(LJ) 16646 (ITAT-DELHI)
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S. 68 Bogus share capital: In the case of a private company, Onus is on assessee to prove identity, creditworthiness of subscribers and most importantly genuineness of transactions. Even if AO does not make inquiry, CIT(A) should do so. Relief cannot be given merely on basis of Ration Card, Share Application forms, Voter ID etc of the subscribers
ITO vs. Yadu Steels & Power Pvt. Ltd
(2019) TaxCorp(LJ) 16643 (ITAT-DELHI) · Section 68
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ITAT - PE in India - The establishment of PE in India is in respect of each assessment year only. There is no bar in carrying on the activities year after year. The determination of existence of PE in India is to be made by reference to provision in DTAA.
M/S ULO SYSTEMS LLC. C/O S.R. BATLIBOI AND CO. VERSUS ASSISTANT D.I.T, INTERNATIONAL TAXATION, DEHRADUN
(2019) TaxCorp(LJ) 16641 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70349&Category=ITAT&CategoryType=Zip
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ITAT - When the matter in assessment proceedings was with respect to claim u/s 54/54F, CIT(A) cannot enhance assessee’s income on altogether ‘new source’ u/s 68.
Hari Mohan Sharma Vs ACIT
(2019) TaxCorp(LJ) 16611 (ITAT-DELHI)
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ITAT - Exemption u/s 54 towards residential house property purchased before the sale of another house property allowed.
Dr Rajinder Kumar Gupta Vs Asstt Commissioner of Income-tax
(2019) TaxCorp(LJ) 16610 (ITAT-DELHI) · Section 54
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ITAT - Expenditure on purchase of data packages is revenue in nature.
DCIT, CIRCLE 13 (2), NEW DELHI VERSUS JUBILANT ENERGY KHARSANG PVT. LTD.
(2019) TaxCorp(LJ) 16593 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69971&Category=ITAT&CategoryType=Zip
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ITAT - Once the SEBI has held that there is no adverse evidence or material then it follows that the share price of which has been sold for genuine quoted price and therefore, the sale proceeds has to be reckoned from sale of such shares and would be treated as explained credit or investment. No addition u/s 68 in respect of bogus LTCG.
VIDHI MALHOTRA, C/O. SANDEEP SAPRA AND SANTOSH MENDIRATTA, C/O. SANDEEP SAPRA VERSUS ITO WARD-2 (5) , AND ITO, WARD -2 (3) , FARIDABAD
(2019) TaxCorp(LJ) 16590 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70150&Category=ITAT&CategoryType=Zip
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ITAT - Exemption u/s 11 (2) - Even though property purchased in the name of chairman but the property has not only been used for residential purpose of the Chairman of the Society but has been extensibly used for conducting workshop by the faculty members, additions made by AO to be deleted.
ACIT, CIRCLE (EXEMPTIONS) , GHAZIABAD VERSUS ST. THOMAS ORTHODOX CHURCH SOCIETY (REGD.)
(2019) TaxCorp(LJ) 16581 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70140&Category=ITAT&CategoryType=Zip
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ITAT - Rejection of books of accounts - Once assessee has filed all the details and the audit report and has given explanation with regard to each and every entry of the trading account including expenses incurred with evidences, then no adhoc estimation of income or disallowance of expenses can be made.
HARI OM KUMAR TAYAL VERSUS ITO-WARD-19 (2), NEW DELHI
(2019) TaxCorp(LJ) 16573 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70094&Category=ITAT&CategoryType=Zip
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