ITAT Delhi

Amount offered for tax in earlier year cannot be taxed in subsequent year

Fino Paytech Ltd. Vs ACIT (ITAT Delhi)

In view of the undisputed fact that a sum of Rs. 18,63,61,346/- was offered to tax though it was originally debited to the profit and loss account during the AY 2011-12,and because of the cost reimbursement agreement between the assessee and the parent entity on 18.05.2012 pursuant to which a sum of Rs. 13,21,53,000/- and Rs. 5,44,13,490/...

Read More

No Interest on Late TDS Payment due to System / Connectivity issues at Bankers’ End

Asstt. Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)

In ACIT Vs. M/s. Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee- in- Default for Late payment of TDS due to system and connectivity issues at the bankers’ end....

Read More

ITAT Confirms Penalty for not attending SCN related to Undisclosed Swiss Bank A/C

Manish Periwal Vs DCIT (ITAT Delhi)

The facts about the Bank Accounts and other circumstances are in the exclusive knowledge of the assessee and non co-operation leads to derailment of It is the duty of every assessee to duly respond to statutory notices failing which the law provides imposition of penalty u/s 271(1)(b) of Rs. 10,000/- each default. In this case, assesse’...

Read More

Foreign Business Tour by Non-Employee Director/Shareholder of Company not taxable as Perquisite

Mrs Kinty Suri Vs ITO (ITAT Delhi)

Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration....

Read More

Assessee not liable for delay in TDS credit due to system/ connectivity issues

ACITVs M/s. Nokia Siemens Networks (P)Ltd. (ITAT Delhi)

Amount of TDS was debited from the bank account of the assessee on the due date i.e. 7.10.2009 and the delay in deposit of such tax by a day was on account of system and connectivity issues at the bankers' end, which were beyond the control of the assessee....

Read More

Commission paid against Guarantee by Directors in violation of RBI guidelines is not allowable

Eastman Industries Ltd. Vs A.C.I.T., Circle 10(1) (ITAT Delhi)

Assessing Officer to examine from the original bank documentations/ agreements/ sanction letter and to ascertain whether the requirement of non-payment of commission to the guarantors was incorporated in the terms and conditions of bank for sanctioning of credit limit or whether any undertaking to this effect was taken from the company or...

Read More

ITAT cannot allow AO to cover up the deficiency in its case

Income Tax Officer Vs M/s. Aditya Narain Verma [HUF] (ITAT Delhi)

it is a very settled position that the power of ITAT in setting aside cannot be exercised so as to allow Assessing Officer to cover up the deficiency in its case....

Read More

Protective assessment without substantive assessment is invalid

Income Tax Officer Vs M/s Fussy Financial (ITAT Delhi)

In this case we find that AO has not made any substantive assessment. There may be substantive assessment without any protective assessment, but there cannot be any protective assessment without there being a substantive assessment....

Read More

Sale of Leasehold Rights taxable and Section 50C applicable

Income Tax Officer Vs Sh. Chander Shekhar (ITAT Delhi)

Assessee was allotted a residential plot on 19.01.2004 in Sector-105, Noida through lottery on payment of allotment money of Rs.1,30,000/-. The total purchase price of the plot was Rs. 16,75,000/-. 2. The assessee on 28.02.2004 entered into an Agreement to sell in respect of this plot with M/s Rosebud Construction Pvt. Ltd through its Dir...

Read More

No S. 271(1)(c) penalty unless there is evidence beyond doubt of concealment

DDIT Vs M/s. Metapath Software International Ltd, (ITAT Delhi)

It is an well established proposition of law that being penal in nature, the provisions of section 271(1)(c) of the Act are invoked only when there is evidence beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards the tax alleged to be evaded....

Read More
Page 1 of 9312345...102030...Last »

Browse All Categories

CA, CS, CMA (3,437)
Company Law (3,327)
Custom Duty (6,551)
DGFT (3,398)
Excise Duty (4,034)
Fema / RBI (3,226)
Finance (3,388)
Income Tax (24,814)
SEBI (2,706)
Service Tax (3,275)