ITAT Delhi

Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India

Cairn U K Holdings Limited V DCIT ( International Taxation) (ITAT Delhi)

We have carefully considered the rival contentions. To put the facts very simply in a narrow compass , the assessee company is a tax resident of United Kingdom which was incorporated on 26th of June 2006. On 30/06/2006...

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Rent cannot be treated as other income for not recording construction expense in books

M/s. Ramairen Properties Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi)

Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee....

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No TDS deductible on Tips received by Hotel Staff

EIH Ltd., Vs ITO (ITAT Delhi)

Since TIPS were received from customers and not from employer these would be chargeable in the hands of employee as income from other sources and section 192 would not get attracted on facts of case....

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Foreign exchange fluctuation loss due to compliance with AS-11 is not a notional loss

Silicon Graphics Systems (India) Pvt. Ltd Vs DCIT (ITAT Delhi)

Foreign exchange fluctuation loss cannot be called notional loss since the fall in the exchange rate has already taken place in the accounting year. Accounting Standards-11 provides that the entire amount of liabilities outstanding as at the balance sheet date should be restated and the loss should be charged to the Profit and Loss accou...

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Yoga a form of ‘medical relief and Propagation of Yoga constitutes imparting of education

Patanjali Yogpeeth (Nyas) Vs ADIT (ITAT Delhi)

In a big relied to Baba Ramdev’s Patanjali Yogpeeth, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has allowed exemption status under section 11 and 12 of the Income Tax Act....

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Exemption U/s. 11 and 12 cannot be denied just because of profits from imparting of education

Society for Participatory Research in Asia Vs ITO(E) (ITAT Delhi)

Invocation of proviso to section 2(15) of the Act to deny claim of exemption under section 11 and 12 of the Act is not justified. Accordingly, grounds of appeal are allowed...

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Non resident assessee eligible to avail benefit of proviso to Section 112(1)

Deputy Director of Income Tax Vs. Shri Anand Persad Jaiswal (ITAT Delhi)

From the proviso, it is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax paya...

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Penalty cannot be imposed in respect of income surrendered without linking to incriminating documents

M. G. Contractors Pvt. Ltd Vs DCIT (ITAT Delhi)

In all these appeals preferred by the assessee, the action of the Learned CIT(Appeals) in sustaining the penalty levied under sec. 271(1)(c) of the Income-tax Act, 1961 at Rs.8,53,281 in assessment year 2006-07, Rs.73,54,710 in assessment year 2007-08, Rs.6,81 ,61 5 in assessment year 2008-09, Rs.49,48,020 in assessment year 2009-10 and R...

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Discount on Property Purchased from Broker is Capital Receipt

Ms. Vandana Guliani Vs Income Tax Officer (ITAT Delhi)

ITAT Delhi held that any receipt directly and intimately linked with the procurement of capital asset is in the nature of capital receipt and not a revenue receipt. So such brokerage cannot be taxed in the hand of property buyer. ...

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Section 148: Onus to prove Service & Proper Service of Notice is on AO

Chander Bhan Vs. ITO(ITAT Delhi)

he factum of issuance of notice within time is to be proved on query by the authority whose jurisdiction is challenged for want of The aggrieved party cannot be asked to lead negative evidence in support of its claim....

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