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ITAT - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself attract penalty under section 271 (1) (c). The disallowance can at best be a wrong claim but not a false claim.
NEEL METAL PRODUCTS LTD. VERSUS ACIT, COMPANY CIRCLE 13 (1) NEW DELHI
(2019) TaxCorp(LJ) 16567 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70025&Category=ITAT&CategoryType=Zip
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ITAT - Bogus share transactions - Assessee has routed his own unaccounted money and provided live link nexus to show that the unaccounted money has been routed under the garb of transaction of purchase and sale of shares - Additions u/s 68 deleted.
AKSHAY JAIN, C/O AKHILESH KUMAR, ADV. VERSUS DCIT, CIRCLE-1, GHAZIABAD.
(2019) TaxCorp(LJ) 16550 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69997&Category=ITAT&CategoryType=Zip
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ITAT - Shares were held as stock-in-trade and thereafter it becomes business activity of assessee - These were not investments made by assessee in order to fall within the ambit of Rule 8D (iii).
PUNJAB NATIONAL BANK VERSUS ADDL. COMMISSIONER OF INCOME-TAX, RANGE-14, NEW DELHI. AND (VICE-VERSA)
(2019) TaxCorp(LJ) 16467 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69667&Category=ITAT&CategoryType=Zip
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ITAT - The sum payable to the NRI was not chargeable to income tax in their hands and thus the assessee was not liable for deduction of tax at source on such payment u/s 195 and no disallowance u/s 40(a)(i) could be made.
ACIT, CIRCLE-52 (1) , NEW DELHI VERSUS M/S. GRANT THORNTON
(2019) TaxCorp(LJ) 16465 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69670&Category=ITAT&CategoryType=Zip
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ITAT - Where addition of undisclosed income was made on basis of mere statement under section 132(4) which was not corroborated by any material evidence, neither such statement would be a conclusive evidence, nor any addition could be made.
B.R. ASSOCIATES PVT. LTD. VERSUS ACIT, CENTRAL CIRCLE 16, NEW DELHI
(2019) TaxCorp(LJ) 16463 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69674&Category=ITAT&CategoryType=Zip
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ITAT - Professional fees payment by a partnership firm to its foreign affiliates LLPs for rendering services to assessee’s foreign clients is not taxable in India. TDS u/s. 195 not applicable.
Grant Thornton’s payments to foreign affiliates, non-taxable; ‘Independent Personal Services’ Article applicable to LLPs
(2019) TaxCorp(LJ) 16461 (ITAT-DELHI)
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ITAT - ‘Time writing charges’ paid to its AE cannot be termed as ‘FTS’ under Article 13 of India-UK DTAA. No TDS u/s 195.
M/s B.G. India Energy Solutions P Ltd Vs The Dy. C.I.T
(2019) TaxCorp(LJ) 16404 (ITAT-DELHI) · Section 195
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ITAT - Assessee company has derived the signage income from the tenants from the space owned by it, as such the signage income has to be treated as ‘income from house property’.
DCIT, CIRCLE 1 (1) , GURGAON VERSUS M/S. DLF CYBER CITY DEVELOPERS LTD.
(2019) TaxCorp(LJ) 16397 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69425&Category=ITAT&CategoryType=Zip
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ITAT - Trust is entitled to exemption under section 11 and 12 when it receives the hostel fees and transportation facilities from the students of the educational Institution.
AKASH EDUCATION SOCIETY VERSUS JCIT, RANGE-3, NOIDA
(2019) TaxCorp(LJ) 16387 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69398&Category=ITAT&CategoryType=Zip
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ITAT - Assessee does not carry the matter in further appeal in view of the smallness of the amount involved, it does not mean that the assessee conceded to have either concealed the income or furnished inaccurate particulars thereof. No penalty u/s 271(1)(c).
DY. COMMISSIONER OF INCOME-TAX, CIRCLE 14 (2) , NEW DELHI VERSUS M/S KOBELCO CONSTRUCTION EQUIPMENT INDIA PVT. LTD.
(2018) TaxCorp(LJ) 16383 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69384&Category=ITAT&CategoryType=Zip
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ITAT - Date of TDS payment has to relate back to the date of online payment and not the date of credit into account of Revenue
Interocean Shipping (India) Pvt. Ltd Vs DCIT
(2018) TaxCorp(LJ) 16378 (ITAT-DELHI) · Section 201(1A)
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ITAT - No disallowance of exemption u/s 54F where the assessee has entered into both types of agreement i.e.both purchase and construction and both these are essentially running concomitantly.
DR. KUSHAGRA KATARIA VERSUS DCIT, CIRCLE 1 (1) , GURGAON
(2018) TaxCorp(LJ) 16377 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69355&Category=ITAT&CategoryType=Zip
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ITAT - No penalty u/s 271(1)(c) can be imposed when income is determined on estimate basis.
SHRI VIVEK JAIRATH VERSUS DCIT, CIRCLE-2, GHAZIABAD.
(2018) TaxCorp(LJ) 16376 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69359&Category=ITAT&CategoryType=Zip
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Bogus Purchases: The fact that the vendors are not available at the given address is not sufficient to treat the purchases as bogus if the assessee has discharged primary onus and substantiated the purchases through documentary evidence and payment is made through banking channels. None of these documents have been proved to be false or untrue and thus the initial burden cast on the assessee was duly discharged
ACIT vs. Karam Chand Rubber Industries
(2018) TaxCorp(LJ) 16320 (ITAT-DELHI)
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S. 194-IA TDS: The exemption of Rs. 50 lakh in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person
Vinod Soni vs. ITO
(2018) TaxCorp(LJ) 16289 (ITAT-DELHI) · Section 194-IA
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ITAT - Absurd or illogical interpretations cannot be pleaded and become pretence and excuses to escape penalty. “Bonafides” have to be shown and cannot be assumed. Penalty u/s 271(1) confirmed.
PETROLEUM SPORTS PROMOTION BOARD VERSUS ITO (E) WARD-2 (4) , CIVIC CENTRE NEW DELHI
(2018) TaxCorp(LJ) 16226 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68698&Category=ITAT&CategoryType=Zip
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Bogus Capital gains: Reliance by the AO on statements of third parties without giving the assessee an opportunity of cross-examination is a gross failure of the principles of natural justice and renders the assessment order a nullity
Anubhav Jain vs. ITO
(2018) TaxCorp(LJ) 16168 (ITAT-DELHI)
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S. 10(38)/68 Bogus long-term capital gains from penny stocks: It cannot be inferred that the assessee has manipulated the share price merely because it moved up sharply. The AO has to produce material/evidence to show that the assessee/ brokers did price rigging/manipulation of shares. The AO must also show that the relevant evidence produced by the assessee in the form of bills, contract notes, demat statement, bank account etc to prove the genuineness of the transactions are false or fictitious or bogus (All judgements considered)
Arun Kumar vs. ACIT
(2018) TaxCorp(LJ) 16081 (ITAT-DELHI) · Sections 10(38), 68
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ITAT - Gains arising of n liquidation of stock under ESOP is taxable under the head ‘capital gains’ and not as ‘perquisite’.
Dr.Muthian Sivathanu Vs The ACIT
(2018) TaxCorp(LJ) 16065 (ITAT-DELHI)
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ITAT - No TDS u/s 195 for reimbursement made to US company for seconding employees in India as it is not FTS.
AT & T Communication Services (India) P. Ltd. Vs DCIT
(2018) TaxCorp(LJ) 16064 (ITAT-DELHI)
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