Security deposit for taking office space on lease and subsequently terminating the agreement due to business consideration was a business decision and loss on account of forfeiture of security deposit had occurred in the course of business and was, therefore, allowable.
This appeal by the assessee is directed against order dated 30/01/2017 passed by the Deputy Commissioner of Income-tax Circle 2(2)(2) (International Tax), New Delhi (in short the Assessing Officer) in pursuant to order of the Ld. Dispute Resolution Panel (DRP) for assessment year 2012-13. The grounds of appeal raised by the assessee are reproduced as under
Transocean Offshore Deepwater Drilling Inc. Vs Addl. CIT (ITAT Delhi) CBDT itself in two of its circulars. In Circular No. 4/2008 dated 28th April 2008 it was clarified that Service tax paid by the tenant doesn’t partake the nature of income of the landlord. The landlord only acts as a collecting agency for Government for […]
Moreover, a perusal of the balance sheet of the assessee firm as at 31.03.2012 filed along with the return of income makes it abundantly clear that sufficient own funds in the form of partners capital were available with the assessee firm at the relevant time to give the loans in question free of any interest.
Huawei Telecommunication (India) Company Pvt Ltd, Vs ACIT (ITAT Delhi) In the trading and installation services of the telecom equipment, The assessee provides warranty to the buyers. As part of the contract with the customers, it is required to provide warranty services by way of repair and replacement for a predefined period. The obligation of […]
Ld. AR has challenged the order of Ld. CIT(A) in not allowing hearing of appeal filed by the assessee merely on the basis of alleged default of not having filed electronically.
The appeal by the assessee is directed against the order dated 09.03.2017 of the learned CIT(A)-40, Delhi. Following grounds have been raised in this appeal
Institute of Health Systems Vs ITO (ITAT Hyderabad) Assessee’s activity comes within the purview of exceptions provided sub-section (15) of sub-clause (i) for the reason that the activity of the assessee is testing of the water quality, which monitors quality in reservoirs and slum areas, for that, assessee has charged some fee and almost the […]
Where sundry creditors arising out of the purchases debited in the profit and loss account as revenue expenses, were added to income of assessee for want of the addresses of said creditors, that did not mean assessee had concealed the particulars of income or furnished inaccurate particulars of income, so as to impose penalty under section 271(1)(c).
ITO (Exemptions) Vs Serum Institute of India Research Foundation (ITAT Pune) Corpus donations received by the Trusts, which is not registered u/s.12A/12AA of the Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment the donations are given to the “Corpus of the Trust”. Provisions of section (24)(iia)/12(1)/11(1)(d)/35/56(2) are relevant for […]
