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Assessee does not satisfy the one limb of first condition of section 271AAA(2) of the Act, i.e., admission of undisclosed in a statement u/s 132(4).
SMT. SHOBHA SARDANA, C/O-M/S. RRA TAXINDIA VERSUS DCIT, CENTRAL CIRCLE-I, FARIDABAD
(2019) TaxCorp(LJ) 19785 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76700&Category=ITAT&CategoryType=Zip
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The loss in economic value of the financial interest, constituting insurable interest in the case of Adidas AG, which though had been computed with reference to loss of stock by the fire in the hands of the assessee, was distinct and separate from the insurance claimed by the assessee from the Bajaj Allianz.
Adidas India Marketing (P.) Ltd Vs ITO
(2019) TaxCorp(LJ) 19769 (ITAT-DELHI)
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Since, the amount is in the nature of professional services sought by the legal professionals involved in the profession/occupation/vocation of arbitration, the amount is liable to TDS as per the provisions of Section 194J of the Act.
HAL Offshore Ltd Vs ACIT
(2019) TaxCorp(LJ) 19768 (ITAT-DELHI) · Section 194J
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Assessing Officer, on the basis of AIR information received that the assessee has deposited cash in his bank account reopened the assessment. No return has been filed by the assessee for A.Y. 2010-11 which is discernable from the copy of the reasons placed at paper book pages 4&5.
ASHOK KUMAR SINGH BAHADAURIA VERSUS INCOME TAX OFFICER WARD – 32 (5), NEW DELHI
(2019) TaxCorp(LJ) 19763 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76632&Category=ITAT&CategoryType=Zip
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Assessee is entitled for benefit of valuing the property on the basis of fair market value as on 01.04.1981 and the cost of acquisition u/s. 55(2) (a) is not to be taken into account, especially considering that the word land has not been included in the section.
Manish Traders Vs ITO
(2019) TaxCorp(LJ) 19746 (ITAT-DELHI)
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The details of Short Term Capital Gains are exhibited elsewhere from which it can be seen that the assessee has purchased shares of six companies on various dates and have sold them on various dates.
MAHESH CHAND GOYAL (HUF) VERSUS ACIT, CIRCLE-38 (1), NEW DELHI
(2019) TaxCorp(LJ) 19743 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76609&Category=ITAT&CategoryType=Zip
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Admittedly, no defect has been pointed out by the AO in the books of account except doubting the valuation of closing stock. We find the VAT authorities have scrutinized the records and have accepted the purchase, sales and closing stock without any mistake.
MAHASHAKTI ENGINEERING CO., C/O AKHILESH KUMAR, ADVOCATE VERSUS DCIT, CIRCLE-21 (1), NEW DELHI.
(2019) TaxCorp(LJ) 19742 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76606&Category=ITAT&CategoryType=Zip
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Covenants inserted in the lease deed go to prove that the assessee is not having tenancy right rather he is having ownership of the land which can be mortgaged/sold by him and the property in question can be inherited by his legal heirs also.
MANISH TRADERS VERSUS ITO, WARD 1 (4), GHAZIABAD.
(2019) TaxCorp(LJ) 19741 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76604&Category=ITAT&CategoryType=Zip
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We are of the considered view that when undisputedly assessee has entered into transaction of derivatives after 01.04.2006 in a recognised stock exchange as per Circular No.2/2006 dated 25.01.2006, loss arising in F&O transaction has to be treated as business loss and not loss in speculative business.
DCIT, CIRCLE 11 (1) , NEW DELHI. VERSUS M/S. FLORA AND FAUNA HOUSING AND DEVELOPERS PVT. LTD.
(2019) TaxCorp(LJ) 19735 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76570&Category=ITAT&CategoryType=Zip
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Undisputedly, originally assessment in this case was framed u/s 143 (3) of the Act. It is also not in dispute that AO has initially issued a notice u/s 154/155 of the Act, available at pages 1 & 2 of the paper book, but when assessment record was perused in the open court, there is neither any order sheet nor final order, if any, passed consequent upon the notice issued u/s 154.
M/S. CHAND INDUSTRY VERSUS ITO, WARD II (2), FARIDABAD.
(2019) TaxCorp(LJ) 19734 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76571&Category=ITAT&CategoryType=Zip
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Interest income is to be taxed as income from other source, because interest on investment of surplus fund would not satisfy the principle of mutuality.
Swarn Jayanti Rail Nagar Flat Owners Association Vs ITO
(2019) TaxCorp(LJ) 19691 (ITAT-DELHI)
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Sec.54 benefit to assessee-individual (a non- resident), against long term capital gains [LTCG] arising on transfer of residential property to a builder under a Collaboration Agreement is allowed.
Manisha Juneja Sawhney Vs DCIT
(2019) TaxCorp(LJ) 19690 (ITAT-DELHI) · Section 54
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CIT(A)'s order disallowing additional expenses of Rs.1026.08 million provided as expenditure by the assessee as no liability had arisen in the hands of the assesse is upheld.
ONGC Videsh Ltd Vs Addl. CIT
(2019) TaxCorp(LJ) 19689 (ITAT-DELHI)
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Transaction has to be examined as a whole and not on the basis of one or two single facts.
Shri Sanat Kumar Vs ACIT
(2019) TaxCorp(LJ) 19688 (ITAT-DELHI) · Section 10(38)
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Once borrowing has been made through the debentures and utilized for the purpose of business, it has been established through documentary evidence in the shape of agreements and correspondences for which, no contrary evidence has been placed on record, then surmises, conjectures and suspicion should not be made a basis to reject the claim of the appellant company.
SHIVSAGAR BUILDERS P. LTD. VERSUS ACIT CIRCLE-23 (1), NEW DELHI.
(2019) TaxCorp(LJ) 19684 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76457&Category=ITAT&CategoryType=Zip
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FMV of property purchased for the purpose of resale, lying vacant under head inventory and meanwhile used for purpose of business could not be determined u/s 23(1) of the Act.
Shivsagar Builders P. Ltd Vs ACIT
(2019) TaxCorp(LJ) 19680 (ITAT-DELHI)
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We come to the conclusion that the CIT(A) is not empowered to dismiss the appeal for non-prosecution of appeal and is obliged to dispose of the appeal on merits. Once the Assessee files an appeal U/s 246A, the Assessee sets in motion the machinery designed for disposal of the appeal under Sections 250 and 251.
PAWAN KUMAR SINGHAL VERSUS ACIT, CIRCLE -2, GHAZIABAD.
(2019) TaxCorp(LJ) 19678 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76442&Category=ITAT&CategoryType=Zip
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As revised contract value which would require incurring of substantial amount towards cost. Therefore, it would not be possible to assessee to earn income of ₹ 297.18 crores in assessment year under appeal as is computed by the A.O. in the assessment order.
L & T SUCG JV JV CC 27 VERSUS THE ADDL. CIT, RANGE-62, DELHI., THE DCIT, CIRCLE – 62 (1) (VICE-VERSA)
(2019) TaxCorp(LJ) 19667 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76391&Category=ITAT&CategoryType=Zip
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From the records it can be seen that it is an undisputed fact that the subject property was being used as residential house by the assessee from the period of its purchase on 09.08.2007 to the date of handing over its vacant possession to the builder for re-development and construction vide collaboration agreement dated 18.04.2012.
DCIT CIRCLE 3 (1) (2), INTERNATIONAL TAXATION, NEW DELHI VERSUS SMT. MANISHA JUNEJA SAWHNEY
(2019) TaxCorp(LJ) 19636 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76335&Category=ITAT&CategoryType=Zip
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AO has not brought anything on record to assess any income over and above the returned income filed by the assessee. AO in the assessment order could not bring into fore as to how the seized material has been analyzed and to prove as to how the concealment or furnishing of inaccurate particulars of income has arisen.
RISHABH BUILDWELL P. LTD. VERSUS DCIT, CENTRAL CIRCLE GHAZIABAD. AND SANJEEV JAIN, 196, RAM VIHAR, NEW DELHI. VERSUS DCIT, CENTRAL CIRCLE GHAZIABAD.
(2019) TaxCorp(LJ) 19612 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76246&Category=ITAT&CategoryType=Zip
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