ITAT Delhi

Sec. 68 AO cannot Examine Source of Source in Non-Share Capital Cases

ACIT, Vs Smt. Prem Anand (ITAT Delhi)

Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which empowers the AO to examine source of source in case of share application money from 01.04.2013 and no other cases prior to that....

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Subsidy for Setting Up / Expansion of Industry is tax-free Capital Receipt

LG Electronics India Pvt. Ltd. Vs. ACIT (ITAT Delhi)

It is an admitted position that the assessee treated the amount of subsidy as a capital receipt, but, did not reduce it from the value of fixed assets and eventually claimed depreciation on the higher value of assets without reduction of such subsidy. To deal with such a situation, the Finance Act, 2015, w.e.f. 1-4-2016, […]...

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Deduction u/s 54 can be claimed even if only land appurtenant to residential house is sold

Sh. Adarsh Kumar Swarup Vs. DCIT (ITAT Delhi)

Deduction u/s 54 of the Act is also available even if the land, which was appurtenant to the residential house, is sold and it is not necessary that the whole of the residential house should be sold because the legislature has used the words or which is distinctive in nature....

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Rights fees Payment to ICC is not Royalty or Fees for technical services

Reebok India Company Vs DCIT (ITAT Delhi)

ITAT held that that the payment made by the assessee to ICC amounting to Rs. 4.56 crore as `Rights fee’ is not in the nature of `Royalty’ or `Fees for technical services’ covered u/s 9(1)(vi) or 9(1(vii) of the Act and as such the assessee was not obliged to deduct tax at source on this payment. Ex consequenti, the provisions of sec...

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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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