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ITAT - Since assessee made surrender immediately after search and before issuance of any notice and had declared the surrendered income in the returns of income accepted by the AO, No penalty u/s 271(1)(c).
M/s. M.G. Contractors Pvt. Ltd. Versus DCIT, Central Circle-I, Faridabad
(2016) TaxCorp(LJ) 11304 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51672&Category=ITAT&CategoryType=Zip
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S. 271(1)(c): Penalty cannot be imposed if the AO does not specify whether the penalty is for "concealment of income" or for "furnishing inaccurate particulars". Penalty cannot be imposed in respect of income surrendered by the assessee if the AO does not link the income to incriminating documents
M. G. Contractors Pvt. Ltd vs. DCIT
(2016) TaxCorp(LJ) 11283 (ITAT-DELHI) · Section 271(1)(c)
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ITAT - Amount received by a UK based event management company pursuant to contract with BCCI for providing assistance in organising IPL cricket tournament is taxable as FTS under Article 13 of India-UK DTAA.
International Management Group (UK) Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11259 (ITAT-DELHI)
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ITAT - As the interest income is held to be not chargeable to tax in the year under consideration, the assessee cannot be allowed to avail credit for TDS on such interest income against tax on his other income.
Dev Raj Kataria Versus DCIT, Panipat Circle, Panipat
(2016) TaxCorp(LJ) 11200 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51498&Category=ITAT&CategoryType=Zip
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ITAT - In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, no addition in hands of partner
Income Tax Officer, Ward-30 (1), New Delhi Versus Sh. Vinod Chadha, C/o- Moti Mahal Restaurant and Vica-Versa
(2016) TaxCorp(LJ) 11176 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50312&Category=ITAT&CategoryType=Zip
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ITAT - The assessee would be hit by Explanation 1(B) to S. 271(1)(c) and would be still liable to pay penalty. One’s own mistake or delay can’t be used to advance one’s cause. In law, nobody can claim the benefit of delays or mistakes on his own part; though it may advance the cause of the other side.
Nicotra India Pvt. Ltd. Versus ACIT Circle 13 (1), New Delhi.
(2016) TaxCorp(LJ) 11137 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51388&Category=ITAT&CategoryType=Zip
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ITAT - Whereas the expenditure of a capital nature incurred on the renovation etc. of a building, which is not owned by the assessee but in respect of which the assessee holds mere occupancy rights, cannot be allowed deduction as a revenue expense, but such expenditure of a capital nature is liable to be considered as a building owned by the assessee for the purposes of section 32 and hence depreciation is allowable pro tanto.
Cornell Overseas Pvt. Ltd. Versus DCIT, Circle-3 (1), New Delhi.
(2016) TaxCorp(LJ) 11136 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51254&Category=ITAT&CategoryType=Zip
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ITAT - Electrical installation is integral to the plant and machinery used for manufacturing steel, depreciation @ 15% i.e. the rate applicable to 'plant & machinery' is to be applied.
DCIT, CIRCLE 13 (1), NEW DELHI Versus M/s NALWA STEEL & POWER LIMITED
(2016) TaxCorp(LJ) 11112 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51328&Category=ITAT&CategoryType=Zip
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ITAT - 50% of salary paid to Director is no ground to made addition u/s 40A as director pays tax at the maximum marginal rates and hence there is no diversion of taxable income.
Hind Airlink P. Ltd. Versus Dy. CIT, Circle 12 (1), New Delhi
(2016) TaxCorp(LJ) 11111 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51329&Category=ITAT&CategoryType=Zip
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ITAT - An Indian company generating income by its SEZ units from export of data processing services to to an overseas company is eligible for Sec.10AA exemption.
DCIT/ ITO. Vs. Inter Globe Technology Quoteint Pvt. Ltd.
(2016) TaxCorp(LJ) 11103 (ITAT-DELHI) · Section. 10AA
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ITAT - Amount of payment of interest are hire purchases cannot be characterized as interest payable and provisions of Section 194A are not attracted in such transactions.
Pearl Drinks Ltd. Versus ITO, Ward-14 (2), New Delhi
(2016) TaxCorp(LJ) 11071 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51222&Category=ITAT&CategoryType=Zip
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ITAT - Not passing order u/s 201(1) before initiation of proceedings u/s 271C make imposition of penalty invalid.
INCOME TAX OFFICER, DELHI Versus M/s AIR LIQUIDE NORTH PVT. LTD.
(2016) TaxCorp(LJ) 11066 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50622&Category=ITAT&CategoryType=Zip
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ITAT - The bank account is not books of account of the assessee, therefore, the Form 26AS cannot be made a basis for addition.
VIKASH YADAV Versus ITO, WARD-2, REWARI
(2016) TaxCorp(LJ) 11065 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50628&Category=ITAT&CategoryType=Zip
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ITAT - As no portion of the income of non-resident associate companies is arising from the supply of parts etc., therefore not liable for tax in India. No TDS u/s 195.
Honda Cars India Ltd. Versus DCIT (LTU) , New Delhi and Vica-Versa
(2016) TaxCorp(LJ) 11058 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51200&Category=ITAT&CategoryType=Zip
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ITAT - Higher rate of @ 30% is applicable on plastic moulds used in the premises of various vendors for manufacturing plastic and rubber goods.
Honda Motorcycle & Scooter India [P] Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11051 (ITAT-DELHI)
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As per CBDT Instruction No. 9/2013 dated 22.07.2013, appeals against imposition of penalty or levy of interest in which the aggregate of penalty imposed or interest levied by the AO is more than Rs. 3 crore in the cities of Mumbai and Delhi are to be argued by the CIT(DR) and matters other than this are to be argued by the Senior DR
M. G. Contractors Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11038 (ITAT-DELHI)
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ITAT - The loss on account of foreign exchange fluctuation loss cannot be called notional since the fall in the exchange rate has already taken place in the accounting year.
Silicon Graphics Systems (India) Pvt. Ltd. Versus DCIT, Circle 8 (1), New Delhi
(2016) TaxCorp(LJ) 11029 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51113&Category=ITAT&CategoryType=Zip
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ITAT - The AO did not honour the condition of not levying penalty and went ahead and issued notice for levying penalty u/s 271(1)(c). The entire addition was based on the conditional surrender made by the assessee. No penalty
Adesh Tyagi, S/o Shri Karan Singh Tyagi Versus ITO, Ward-1 (1), Ghaziabad
(2016) TaxCorp(LJ) 11028 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51114&Category=ITAT&CategoryType=Zip
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ITAT - CIT may not agree with the view taken by the ld AO but this does not make the order passed by the AO unsustainable in law. On deductibility of advertisement and sales promotion expenditure, nothing was brought on record to show that any enduring benefit has resulted in favour of the assessee which makes it capital expenditure.
Gail (India) Ltd Versus CIT, Delhi-IV, New Delhi
(2016) TaxCorp(LJ) 11010 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51092&Category=ITAT&CategoryType=Zip
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ITAT - AO has not applied his independent mind while recording the reasons in this case and, therefore, proceedings under section 147 of the Act initiated by way of issue of notice under section 148 of the Act are quashed
ACIT, Circle-9 (1) , New Delhi Versus M/s. SNG Developers Ltd. (Earlier Known as SN Jee Developers) and Vica-Versa
(2016) TaxCorp(LJ) 11009 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51093&Category=ITAT&CategoryType=Zip
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