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ITAT - Even though capital asset sold by assessee was the ‘land appurtenant to the house’, and not the ‘residential house’, exemption u/s 54 allowed.
Sh. Adarsh Kumar Swarup vs. DCIT
(2017) TaxCorp(LJ) 13208 (ITAT-DELHI) · Section. 54
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ITAT - Expenditure incurred to earn exempt income determined u/s. 14A cannot be added while computing book profits for u/s. 115JB.
Vireet Investment (P) Ltd. Vs. ACIT
(2017) TaxCorp(LJ) 13161 (ITAT-DELHI) · Section. 14A
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S. 143(2) notice: If the Department fails to produce evidence relating to the issue and service of the s. 143(2) notice, an adverse inference has to be drawn as per s. 114 of the Evidence Act. The s. 143(3) assessment order has to be held invalid and void ab initio
ITO. vs. Gravity Systems Pvt. Ltd.
(2017) TaxCorp(LJ) 13088 (ITAT-DELHI) · Section. 143(2)
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S. 14A/ Rule 8D: (i) The computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income tax Rules 1962, (ii) Only those investments are to be considered for computing the average value of investment which yielded exempt income during the year
ACIT. Vs. Vireet Investment Pvt. Ltd.
(2017) TaxCorp(LJ) 13060 (ITAT-DELHI) · Section. 14A
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ITAT - Assumption of jurisdiction u/s 147 to 151 - Since no proceedings were pending before AO when he issued the letter of enquiry, therefore enquiry letter was not valid in eyes of law - Assessee not required to respond to this invalid and non est letter of inquiry issued by the AO.
Tajendra Kumar Ghai C/o M/s. RRA Taxindia Versus ITO – 1 (5) Rudrapur
(2017) TaxCorp(LJ) 13005 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=56550&Category=ITAT&CategoryType=Zip
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ITAT - Cancellation of recovery of the interest - If the income does not result at all, there cannot be a tax, even though in accounts, an entry is made about the "hypothetical income" which does not materialise.
Dy. Commissioner of Income Tax, Circle 11 (1), CR Building, New Delhi Versus M/s Ferrous Infrastructure Pvt. Ltd.
(2017) TaxCorp(LJ) 13003 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=56546&Category=ITAT&CategoryType=Zip
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S. 271(1)(c) penalty cannot be levied unless there is "evidence beyond doubt" that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee. The fact that the assessee did not voluntarily furnish the return of income, and that the merits were decided against it, does not per se justify levy of penalty. The bonafides of the explanation of the assessee for not complying with the law have to be seen
DDIT. vs. Metapath Software International Ltd.
(2017) TaxCorp(LJ) 12998 (ITAT-DELHI) · Section. 271(1)(c)
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S. 50C: Failure by the AO to refer the valuation of the capital asset to a valuation officer instead of adopting the value taken by the stamp duty authorities is a fatal error and the assessment order has to be annulled. The matter cannot be set aside to the AO for a second chance. The power of the ITAT to set aside cannot be exercised so as to allow the AO to cover up the deficiencies in his case
ITO. vs. Aditya Narain Verma (HUF)
(2017) TaxCorp(LJ) 12997 (ITAT-DELHI) · Section. 50C
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ITAT - If over the period of time the said product could not be sold and has become obsolete due to fast changing technologies and software programme, then it has to be left to the prudence of the businessman to write it off in the year in which it considers that the said product cannot be sold at all or it has become scrap.
Differential Technologies Ltd. Versus ITO Ward -10 (3) New Delhi
(2017) TaxCorp(LJ) 12954 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=56339&Category=ITAT&CategoryType=Zip
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ITAT - No depreciation on intangible asset acquired under a business transfer agreement.
Pitney Bowes India (P) Ltd. vs. DCIT
(2017) TaxCorp(LJ) 12950 (ITAT-DELHI)
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ITAT - Revision u/s 263 - Merely because the DIT does not agree with the opinion of the A.O, he cannot invoke the provisions of section 263 to substitute his own opinion.
Technip UK Limited Versus The D.I.T. International - II New Delhi
(2017) TaxCorp(LJ) 12948 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=56283&Category=ITAT&CategoryType=Zip
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ITAT - Merely because the cost of the printer is abnormally high, the same cannot be ground to deny higher rate of deprecation @60%.
Shri Sumit Dev Versus The I.T.O Ward – 22 (1) New Delhi, And Vice-versa
(2017) TaxCorp(LJ) 12947 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=56319&Category=ITAT&CategoryType=Zip
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ITAT - Capital gain computation - If the sale transaction in question is not registered with stamp value authorities, then full value of consideration has to be accepted as declared by the assessee.
Sh. Jastinder Singh Vedi Versus DCIT, Circle-25 (1), New Delhi
(2017) TaxCorp(LJ) 12897 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=56173&Category=ITAT&CategoryType=Zip
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S. 68 Bogus share capital: (i) The AO cannot ignore the documentation produced by the assessee to show that the investors are genuine, (ii) A s. 132(4) statement cannot be relied upon if the assessee is not give right of cross-examination, (iii) Fact that the shareholders did not respond to s. 133(6) notices does not warrant an adverse inference, (iv) Fact that the shareholders have low income does not warrant adverse inference, (v) Assessee is not required to prove source of source
Prabhatam Investment Pvt. Ltd vs. ACIT
(2017) TaxCorp(LJ) 12887 (ITAT-DELHI) · Section 68
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ITAT - Penalty u/s 271(1)(c) valid for addition u/s 68 since opportunities were provided by the AO to the assessee to substantiate its claim and to disprove the contention of the non-confirming party but the assessee failed to show any initiative for cross verification and cross-examination of the said party.
Akik Tiles Pvt. Ltd Versus The ACIT, Mehsana Circle, Mehsana
(2017) TaxCorp(LJ) 12817 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55964&Category=ITAT&CategoryType=Zip
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ITAT - Transfer pricing adjustment - Reimbursements have to be included in the cost base and the operating margins have to be computed accordingly.
Pernod Ricard India Pvt. Ltd., Gurgaon Versus Dy. CIT, Circle 8 (1), New Delhi, ACIT, Circle 14 (1)
(2017) TaxCorp(LJ) 12807 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55937&Category=ITAT&CategoryType=Zip
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ITAT - Interest income from Kisan Vikas Patra is taxable on cash basis.
Rashmi Dhariwal, New Delhi Versus ACIT, Circle-23 (1), New Delhi
(2017) TaxCorp(LJ) 12793 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55911&Category=ITAT&CategoryType=Zip
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ITAT - No revision u/s 263 in case of inadequate enquiry on the part of the AO for this is not a case of lack of enquiry.
Braham Dev Gupta Versus Principal Commissioner of Income Tax, New Delhi
(2017) TaxCorp(LJ) 12636 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55557&Category=ITAT&CategoryType=Zip
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ITAT - Assessee is not answerable to explain source of source of the fund u/s 68.
ACIT, CIRCLE-33 (1), NEW DELHI Versus SMT. PREM ANAND
(2017) TaxCorp(LJ) 12635 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55558&Category=ITAT&CategoryType=Zip
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ITAT - Where AO has not issued any notice u/s 143(2) of the I.T. Act to the assessee, the entire assessment proceedings then the assessment order in dispute is invalid, void abnitio.
ACIT, CC-9, NEW DELHI Versus M/s RAVNET SOLUTIONS PVT. LTD. and Vice-Versa
(2017) TaxCorp(LJ) 12634 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55559&Category=ITAT&CategoryType=Zip
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