ITAT Delhi

Penalty Order not become Invalid for mere wrong quoting of section

Galaxy Nirmaan Pvt. Ltd., Vs ACIT, (ITAT Delhi)

The Delhi ITAT, in a recent ruling, held that imposing penalty by quoting wrong section would not itself make the entire proceedings invalid if the assessee had not raised any objection during pre-assessment stage and has co-operated with the proceedings....

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Revision U/s 263 justified if AO not carried out enquiry as specifically directed by ITAT

Bhupinder Singh Vs ITO (ITAT Delhi)

Where AO had only considered the discrepancy regarding gross receipts but did not carry out any inquiry in regard to the nexus between business receipts and cash deposits which was the specific direction of the Tribunal, Commissioner was justified in making revision order since the order was prejudicial to the interest of revenue....

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Medical Illness is reasonable cause for non-appearing on date

Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, we are of the opinion that no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B....

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Bogus share capital: AO cannot ignore document submitted by assessee

Prabhatam Investment Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the present case, the assessee has been able to prove identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, the authorities below should not have made or confirmed the addition of Rs. 5.75 crores in the hands of the assessee. ...

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Section 50C not applicable if sale transaction is not registered with stamp value authorities

Sh. Jastinder Singh Vedi Punjabi Bagh Vs DCIT (ITAT Delhi)

Click here to join Online GST Certification Course Jointly by GST Professionals & Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and […]...

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Trust Corpus Fund cannot be taxed despite non registration u/s 12AA

Divine Educational Institute and Social Development Society Vs. ITO (ITAT Delhi)

Corpus fund which is meant for specific purpose to meet out capital expenditure could not be part of annual receipts of educational institution, even if no registration u/s 12AA have been granted....

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Exemption to trust cannot be denied merely for charging fee for Training, Seminars etc

The Fertilizer Association Of India Vs Income Tax Officer (ITAT Delhi)

Click here to join Online GST Certification Course Jointly by GST Professionals & Mere charging of fee from members or non-members for rendering services like training, conducting seminars would not ipso facto lead to denial of exemption. The dominant object of the assessee remains charitable and the aforesaid activities ar...

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S. 54 benefit available for cost of house acquired despite non-payment

Gopal Saran Darbari Vs. Income Tax Officer (ITAT Delhi)

Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what ...

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Search Assessment void if no Incriminating Material found during Search

ACIT Vs Superb Developers (P.) Ltd. (ITAT Delhi)

In the absence of any incriminating material unearthed during the course of search, the AO had no jurisdiction to initiate proceedings u/s 153A of the Act when no assessment proceedings were pending for this....

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Right to receive a property is a valuable and transferable right

Satnam Overseas Exports Vs DCIT (ITAT Delhi)

ITAT has held that right to receive a property is a valuable and a transferable right and falls within the ambit of "capital asset" and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources....

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