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ITAT - No addition u/s 68/69/69A can be made on the basis of print outs taken from the computer back–up impounded and seized and found from a third party.
Ms. Katrina (Kaif) Rosemary Turcotte Vs. Asstt. CIT
(2017) TaxCorp(LJ) 13810 (ITAT-DELHI)
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ITAT - Sales tax subsidy received by the assessee from from the Government of Haryana (post accomplishment of project) was revenue receipt chargeable to tax.
Maruti Suzuki India Ltd. Vs. Addl. CIT
(2017) TaxCorp(LJ) 13809 (ITAT-DELHI)
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ITAT - Where assessee followed cash system of accounting and claimed TDS this year but income for the same has not been taken in gross receipts, credit of TDS allowed.
Chandra Shekhar Aggarwal Versus ACIT, Circle-61 (1), New Delhi
(2017) TaxCorp(LJ) 13788 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59789&Category=ITAT&CategoryType=Zip
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ITAT - Interest u/s 234B/C is payable in respect of tax payable under MAT provisions.
Surya Roshni Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13784 (ITAT-DELHI) · Section. 234B/C
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ITAT - The interest received on enhanced compensation is taxable under the head income from other sources.
Shri Dinesh Yadav, Shri Puneet Singh, Shri Lakha Singh And Shri Mukha Singh Versus The A.C.I.T. And The I.T.O, Ward – 2, Karnal
(2017) TaxCorp(LJ) 13768 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59696&Category=ITAT&CategoryType=Zip
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ITAT -Exemption u/s 11 and 12 cannot be denied in respect of surplus from Transportation and Games on the ground that the transportation activity, games activity and picnic are business activities. Being the part of educational activity, exemption cannot be denied.
Dehradun Public School, C/o. Akhilesh Kumar Versus Addl. CIT, Range-1 And DCIT, Exemption Circle, Ghaziabad
(2017) TaxCorp(LJ) 13766 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59692&Category=ITAT&CategoryType=Zip
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ITAT - Relief cannot be denied to the assessee solely on the ground that assessee had offered for disallowance.
DCIT, Circle 7 (1), New Delhi Versus Delphi Automotive Systems Pvt. Ltd.
(2017) TaxCorp(LJ) 13759 (ITAT-DELHI)
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ITAT - No Sec. 40(a)(i) disallowance for payment to a US resident for providing inspection and rework services as the same is not Fees for included services under India-US DTAA.
Delphi Automative Systems Vs. DCIT
(2017) TaxCorp(LJ) 13757 (ITAT-DELHI) · Section. 40(a)(i)
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ITAT - Expenditure on account of employee stock option scheme in the profit and loss account is an allowable expenditure.
M/s. Religare Macquarie Wealth Management Ltd. Versus ACIT, Circle-15 (1), New Delhi
(2017) TaxCorp(LJ) 13694 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59308&Category=ITAT&CategoryType=Zip
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ITAT - When winding up proceedings are undisputedly pending before the High Court, loan taken by the assessee company is to be treated as a loan to run the entire business and the interest component cannot be restricted to BFF unit.
Hindustan Vegetables Oils Corp. Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13689 (ITAT-DELHI)
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ITAT - Legislature has not put a ceiling on the rate of depreciation to be claimed for the purpose of computing book profit u/s 115JB of the Act.
Cairn India Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13685 (ITAT-DELHI) · Section. 32(1)(iia)
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ITAT - Even if it is assumed that transfer of shares of the company amounted to transfer of plot of land, in the absence of any evidence of extra amount having been exchanged, no addition can be made invoking section 50C.
ACIT, Central Circle-5, New Delhi Versus Sh. Santosh Kumar Garg
(2017) TaxCorp(LJ) 13663 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58174&Category=ITAT&CategoryType=Zip
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ITAT - TPA - There has to be a proper inquiry by the TPO by analysing the statistics over a period of time to discern a pattern which reflects an international transaction intended to benefit the AE in some way.
Teradata India Pvt. Ltd. Versus ACIT Circle-4 (1) Gurgaon
(2017) TaxCorp(LJ) 13660 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58161&Category=ITAT&CategoryType=Zip
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ITAT - If this procedure is not followed of issuing the notice u/s 154 and giving reasonable opportunity of being heard, further exercise will be non est.
Aparna Ashram C/o. Sh. K.S. Pathania Versus ADIT (E) , Delhi
(2017) TaxCorp(LJ) 13646 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58123&Category=ITAT&CategoryType=Zip
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S. 271(1)(c) penalty: The quantum of returned income (Rs. 34.94 crore) and tax paid (Rs.10.85 crore) vis-a-vis the addition/ disallowance (Rs. 13 lakh) indicates whether there was a mala fide intention to conceal. Deferral of depreciation allowance does not result in concealment of income or furnishing of furnishing of any inaccurate particulars. No penalty can be levied for a sheer accounting error of debiting loss incurred on sale of a fixed asset to the P&L A/c instead of reducing the sale consideration from the WDV of the block
Harish Narinder Salve vs. ACIT
(2017) TaxCorp(LJ) 13639 (ITAT-DELHI) · Section. 271(1)(c)
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ITAT - Where it is difficult to comply to notices on short dates, the same constitutes reasonable cause falling within the scope and ambit of section 273B. Penalty u/s 271(1)(b) levied for non-compliance with statutory notices deleted.
Jwala Prasad Aggarwal vs. DCIT
(2017) TaxCorp(LJ) 13632 (ITAT-DELHI) · Section. 271(1)(b)
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ITAT - ‘Signature bonus’ received for demitting of rights in the oil fields is a non-taxable capital receipt.
Oil & Natural Gas Corporation Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13622 (ITAT-DELHI)
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ITAT - There is no sufficient reason to deviate from the appellate orders of the CIT(A) of the earlier years allowing the exemption u/s. 11(1) and accordingly, the AO was directed to allow the exemption u/s. 11(1).
DCIT (E), CIRCLE 2 (1), New Delhi Versus PHD Chamber of Commerce And Industry
(2017) TaxCorp(LJ) 13613 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58040&Category=ITAT&CategoryType=Zip
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ITAT - No TP adjustment by applying Bright Line Test (BLT) since the same is not sustainable on protective basis having no statutory mandate.
M/s. Nikon India Pvt. Ltd. Versus DCIT, Circle 3 (1) , Gurgaon
(2017) TaxCorp(LJ) 13599 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57932&Category=ITAT&CategoryType=Zip
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ITAT - Penalty u/s 271(1)(c) not applicable in the case of legal luminary & Senior Advocate as there is no malafide intention to conceal income or furnish inaccurate particulars.
Harish Narinder Salve vs. ACIT
(2017) TaxCorp(LJ) 13598 (ITAT-DELHI)
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