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In view of above categorical facts coming out of the assessment proceedings, on perusal of the deviation report and appraisal report that for the concluded assessment is no incriminating evidences were found.
Agson Global Pvt. Ltd Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 20363 (ITAT-DELHI)
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The Assessing Officer has not properly considered the factual aspect and has suddenly jumped to the conclusion for violation of section 40 A(3). We deem it proper to restore the issue to the file of the Assessing Officer with a direction to go through the above details and decide the issue as per fact and law after giving due opportunity of being heard to the assessee.
GLOBAL CONNECT TRAVELS P. LTD. VERSUS ITO WARD – 10 (2) NEW DELHI
(2019) TaxCorp(LJ) 20361 (ITAT-DELHI)
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Assessee produced sufficient documentary evidences before the A.O. to prove that money routed from the assessee itself which came back to the assessee in the form of share capital/premium, therefore, assessee proved identity of the Investors, their creditworthiness and genuineness of the transaction in the matter and as such have been able to prove ingredients of Section 68. A.O. however did not make any further enquiry on the documentary evidences filed by the assessee.
AGSON GLOBAL PVT. LTD, NEW DELHI VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, AND VICE VERSA
(2019) TaxCorp(LJ) 20357 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78891&Category=ITAT&CategoryType=Zip
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The assessee is entitled to claim deduction.
Louis Dreyfus Commodities India Pvt. Ltd Vs The ACIT
(2019) TaxCorp(LJ) 20351 (ITAT-DELHI)
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There is nothing on record to suggest that the assessee has refused admission to any person of the economically weaker section nor the Government has taken any action against the assessee for such violation.
Devki Devi Foundation Vs DIT (Exemptions)
(2019) TaxCorp(LJ) 20335 (ITAT-DELHI) · Section 12A
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S. 147/ 154: The AO cannot, after conclusion of proceedings u/s 147, take aid of Explanation 3 to S. 147 to make any addition u/s 154. If the Dept's argument is accepted that u/s 154 the AO is empowered to deal with escapement of income even after the s. 147 assessment is completed, it would empower the AO to go on making one addition after the other by taking shelter of Explanation 3 to S. 147 endlessly. Such a course is not permissible
JDC Traders Pvt. Ltd vs. DCIT
(2019) TaxCorp(LJ) 20326 (ITAT-DELHI) · Sections 147, 154
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when the notice issued by the AO is bad in law being vague and ambiguous having not specified under which limb of section 271(1)(c) of the Act, the penalty proceedings initiated u/s 271(1)(c) are not sustainable.
M/S. SUDHIR TRANSFORMERS LTD. VERSUS ACIT, CC – 4, NEW DELHI.
(2019) TaxCorp(LJ) 20324 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78741&Category=ITAT&CategoryType=Zip
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AO cannot tinker or apply anything further than what was mentioned in the draft assessment order except what is directed by the learned dispute resolution panel. The provisions of principles of natural justice are ingrained in the provisions of section 144C of the act. It further says a time limit of 9 months from the end of the month when the draft order is forwarded to the assessee for passing of issue of any directions.
RELIGARE CAPITAL MARKETS LIMITED VERSUS DCIT, CIRCLE-15 (1), NEW DELHI
(2019) TaxCorp(LJ) 20310 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78709&Category=ITAT&CategoryType=Zip
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As the material has been received by the assessee during the FY ended 31st March 2010, the assessee had a present obligation to make payment for the purchases made. The estimate made by the assessee is a reliable estimate which is also accepted by the industry. The liability is crystallised and slight variation in the price at the year-end does not mean that the liability is contingent.
Vedanta Ltd Vs ACIT
(2019) TaxCorp(LJ) 20303 (ITAT-DELHI)
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We find force in the contention of the assessee, that the PE constitute in India by the assessee under Phase-II of the contract with JKSPDC did not play any role or contributed in any manner to the execution of the other contracts or earning of FTS under other contracts and cannot thus be said to be involved with any other projects in India.
M/s Lahmeyer International GmbH Vs ACIT
(2019) TaxCorp(LJ) 20284 (ITAT-DELHI)
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The payment was towards publicity expenses which enabled the assessee to find a sponsor to share the ground and no income deemed to accrue or arise in India in terms of Sec.5(2) r.w. Sec.9, also since payee is resident of UAE and does not have PE in India, tax cannot be deductible.
DLF Limited Vs ITO
(2019) TaxCorp(LJ) 20281 (ITAT-DELHI) · Section 195
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Assessing Officer cannot circumscribe himself to a particular section and put blinkers when he during the course of assessment proceedings find that it is taxable under different section. His power to examine the issue encompasses under different sections also including u/s 68.
Prime Comfort Products P Ltd Vs ACIT
(2019) TaxCorp(LJ) 20278 (ITAT-DELHI) · Section 68
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Identical issues had come up before the Tribunal in the case of sister RWA of the assessee, namely, Belaire Condominium Association the interest expenditure has been incurred wholly and exclusively for earning such interest income on Bank deposit. As per the Apartment buyers agreement there is an obligation on every buyer to make security deposit and there is corresponding obligation on the society to pay interest on such deposit.
BELVEDERE TOWER CONDOMINIUM ASSOCIATION VERSUS ITO, WARD-1 (3) , GURUGRAM.
(2019) TaxCorp(LJ) 20274 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78535&Category=ITAT&CategoryType=Zip
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When the bank has issued bank guarantee on behalf of the assessee there is no principal agent relationship between the bank and the assessee which is a mandatory condition for invoking the provisions contained u/s 194H and in these circumstances, the assessee was not liable to deduct tax at source u/s 194H from payment of bank guarantee commission to the bank.
M/S. NAVNIRMAN HIGHWAY PROJECT PVT. LTD. VERSUS DCIT, CIRCLE 18 (1) , NEW DELHI.
(2019) TaxCorp(LJ) 20271 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78543&Category=ITAT&CategoryType=Zip
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A.O. has specifically recorded the fact in the assessment order that initially in different account of the Investors, the cash have been deposited from where the amount have been transferred to the another accounts of Investors and then transferred to assessee. These informations are specific to show that against the cash, entry have been provided to the assessee by entry providers. Assessee failed to produce any evidence before the authorities below.
M/S. HILLMAN PROPERTIES PVT. LTD. VERSUS THE INCOME TAX OFFICER, WARD-12 (4) , NEW DELHI.
(2019) TaxCorp(LJ) 20257 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78462&Category=ITAT&CategoryType=Zip
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S. 56(2)(viib)/ Rule 11UA: The valuation of shares should be made on the basis of various factors and not merely on the basis of financials. The substantiation of the fair market value on the basis of the valuation done by the assessee simply cannot be rejected where the assessee has demonstrated with evidence that the fair market value of the asset is much more than the value shown in the balance sheet
India Convention and Culture Centre Pvt. Ltd vs. ITO
(2019) TaxCorp(LJ) 20253 (ITAT-DELHI) · Section 56(2)(viib)
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Deduction u/s. 37(1) with respect to foreign turnover taxes paid during AY 2011-12 is allowed. This amount was deducted by overseas customer, on account of turnover taxes, while releasing payment against invoices raised by the assessee.
R. Systems International Ltd Vs The ACIT
(2019) TaxCorp(LJ) 20250 (ITAT-DELHI) · Section 37(1)
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The role of the appellant was limited to mere supply of hardware components directly from Italy in such a manner that sales stood concluded, title transferred and consideration received outside India. No business connection can be said to have been established. No liability will arise to a non-resident where transaction of sale is on principal to principal basis since the transaction of supply of components by the appellant are on its own account, unaffected by the services to be rendered by SPCNL.
The Dy.C.I.T. Vs M/s Siemens Mobile Communications SPA
(2019) TaxCorp(LJ) 20239 (ITAT-DELHI)
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Assessee that the value of its shares in terms of clause (ii) of Explanation (a) of section 56(2)(viib) on the basis of the value of its land at market value which is ₹ 113 crores comes to ₹ 658.83 per share. Therefore, it is the submission of assessee that instead of taking the book value of the property at ₹ 47.81 crore as per the balance sheet, the lower authorities should have taken the fair market value of land which was converted from agricultural to institutional at ₹ 113,00,72,749/- and other assets of ₹ 9,17,608/-.
M/S INDIA CONVENTION AND CULTURE CENTRE PVT. LTD. VERSUS ITO, WARD-12 (2) , NEW DELHI.
(2019) TaxCorp(LJ) 20223 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78242&Category=ITAT&CategoryType=Zip
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Grounds on which approval under section 80G of the Income Tax Act can be denied to an applicant are specified in Rule 11AA (5) of I.T. Rules which refers to the conditions laid down in clauses (i) to (v) of sub section 5 of section 80G of I.T. Act. Nowhere it is the case of the ld. CIT(E) that any of the conditions laid down in clauses (i) to (v) of section 80G(5) of the I.T. Act are not fulfilled.
M/S JUST BE FOUNDATION TRUST VERSUS COMMISSIONER OF INCOME TAX (EXEMPTIONS) , NEW DELHI
(2019) TaxCorp(LJ) 20137 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77953&Category=ITAT&CategoryType=Zip
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