All ITAT

Provisions for doubtful debt amounts to application of income for charitable purpose 

DCIT Vs Flt Lt. Rajan Dhall Charitable Trust (ITAT Delhi)

DCIT Vs Flt Lt. Rajan Dhall Charitable Trust (ITAT Delhi) he issue in the present ground is with respect to the denial of claim of Rs.3.32 crores (rounded off) as application of income on account of provisions for doubtful debts. We find that CIT(A) after considering the submissions of the assessee has given a finding […]...

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No Section 271(1)(c) penalty for mere disallowance of depreciation

Gulshan International Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT held that mere disallowance of depreciation would not lead to imposition of penalty under Section 271(1)(c) , more particularly where quantum disallowance of depreciation itself is highly debatable ...

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ITAT exonerate assessee incurring huge losses from section 271(1)(b) penalty

Plaza Cable Industries Ltd. Vs DCIT (ITAT Delhi)

No mala fide can be inferred where assessee is nursing such huge losses at its disposal. ITAT find that mitigating circumstances exists to exonerate assessee from clutches of penalty under Section 271(1)(b) ...

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Reopening not allowable to disallow prior period expenses duly disclosed during original Assessment

Orange Business Services India Solutions Private Limited Vs DCIT (ITAT Delhi)

ITAT Delhi held that Reopening not allowable to disallow prior period expenses which were duly disclosed during original Assessment in Financial Statements and Tax Audit report ...

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Difference in MRP & Sales price is not Commission to attract section 194H TDS

Wockhardt Limited Vs PCIT (ITAT Pune)

Difference between MRP & price sold to Stockists, by no stretch of imagination, can be considered as commission or brokerage paid by assessee to its Stockists to attract section 194H TDS....

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Section 234E late fees cannot be levied for delay due to technical error

G.B. Builders Vs ACIT (ITAT Ahmedabad)

nce the assessee has initially deposited TDS and furnished Statement in Form 26QB within time, but committed a technical error while depositing TDS resulting in non-grant of TDS to transferor, compelling it to again deposit TDS along-with interest for late deposit, then, in the interests of justice and considering the fact that no loss is...

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Govt subsidy to incentivize industries in backward areas to provide employment is capital in nature & not revenue

Jindal Steel & Power Limited Vs Addl. CIT (ITAT Delhi)

Jindal Steel & Power Limited Vs Addl. CIT (ITAT Delhi) Facts in brief are that the assessing officer has, in the assessment order, while holding the impugned subsidy as revenue receipt, simultaneously reduced the same from cost of fixed assets, while applying provisions of Explanation 10 to section 43(1) of the Act resulting in double...

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Rule 11U(b) not mandate that Balance Sheet should be audited on valuation date

Electra Paper and Board Pvt. Ltd. Vs ITO (ITAT Chandigarh)

Electra Paper and Board Pvt. Ltd. Vs ITO (ITAT Chandigarh) In the instant case undisputedly on the date of allotment of shares i.e. 31.3.2016, a balance-sheet was drawn by the assessee albeit the said balance sheet was unaudited on that date. The FMV of the shares was determined on the basis of said balance-sheet. The […]...

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No liability of TDS on GTA India for payment made to GTIL, UK towards membership fee

Grant Thornton Advisory (P.) Ltd. Vs DCIT (ITAT Delhi)

Grant Thornton Advisory (P.) Ltd. Vs DCIT (ITAT Delhi) Conclusion: No TDS was to be deducted under section 195 on payment made by assessee to GTIL, UK towards membership and subscription fee as the relationship between GTIL, UK and its members would be governed by the principle of mutuality, hence, would not be taxable. Held: […]...

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ITAT explains Tax on renouncement of Rights Shares In Favour of Assesse

Jigar Jashwantlal Shah Vs ACIT (ITAT Ahmedabad)

Jigar Jashwantlal Shah Vs ACIT (ITAT Ahmedabad) Now, we shall deal with the issue of whether section 56(2)(vii)(c) of the Act can be invoked in respect of additional 82,200 shares received by the assessee since the assessee’s wife and father did not exercise the rights issue and renounced the right in favour of the assessee. […]...

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