ITAT Delhi

Deduction U/s. 80IC not eligible on Interest Income on FDRs Pledged as Security Deposit in lieu of tender of contracts

Conventional Fastners Vs ITO (ITAT Delhi)

A.O. noted that the deduction under section 80IC is to be allowed on the profits derived from eligible business. The interest earned on the FDRs cannot be said that interest income earned from manufacturing activities of the assessee. It can only be said that interest income on FDRs is attributable to business activities but cannot be sai...

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Deduction U/s. 10AA cannot be denied for receipt of export consideration after 6 months from the close of financial year

BT e-Serv (India) (P) Ltd. Vs ITO (ITAT Delhi)

ITAT held that There is no time-limit prescribed for bringing the consideration of export into India under section 10AA. Admittedly, the consideration had been received in India, albeit subsequent to filing of the return by the assessee. However, merely because the consideration had been received after 6 months from the close of the finan...

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In absence of understanding between parties about reimbursement TDS is deductible on Salary paid to Staff

Power Plant Engineers Ltd. Vs ITO (ITAT Delhi)

Power Plant Engineers Ltd. Vs ITO (ITAT Delhi) It is apparent that the persons deputed by the recipient of the income were not routine employees, but were highly qualified and technical employees who were providing the head and brain’ to the assessee company. It cannot be said to be the reimbursement of salary expenditure when […...

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Audit fees provisions as per NABARD norms is allowable

DCIT Vs The Jhajjar Central Coop Bank Ltd. (ITAT Delhi)

DCIT Vs Jhajjar Central Coop Bank Ltd. (ITAT Delhi) Ld. Authorised Representative submitted that the provision pertained to audit fee payable to the statutory auditor for the ensuing year. It was further submitted that the statutory audit has to be carried out by a CA Firm recommended by NABARD and the audit fee is also […]...

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Amount received for grant of user rights in a copyright software is royalty income

Elektrobit Automotive GmbH AM Vs Deputy DIT (ITAT Delhi)

Elektrobit Automotive GmbH AM Vs Deputy DIT (ITAT Delhi) It was held that license agreement as entered by the assessee itself points out the word royalty. Moreover, considering the facts of case, that license terms obliges the licensee to furnish to assessee monthly statement of supplied products to customers using his software and conseq...

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Provisions not backed by any actual expenditure cannot be allowed as deduction

DCIT Vs Dia Vikas Capital Pvt. Ltd. (ITAT Delhi)

DCIT Vs Dia Vikas Capital Pvt. Ltd. (ITAT Delhi) On going through the above details from the assessee’s ledger account, it is seen that sum of Rs. 80,00,000/- is a provision made on 31.12.2008 against the consultancy fees. Similarly there is another item of Rs. 84,50,000/- which is again a provision for consultancy fee. This […]...

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Indian subsidiary does not constitutes a PE in India: ITAT Delhi

M/s. Nokia Networks OY vs. JCIT (ITAT Delhi)

Whether the Indian subsidiary of the assessee constitutes Permanent Establishment (PE) of the assessee in India on account of ‘signing, networking, planning and negotiation of offshore supply contracts in India’? If yes, whether any profit is attributable to the same, and the quantum thereof?...

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S. 37 Retrenchment Compensation paid for business purpose is allowable

The ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi)

ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi) The assessee-company explained that it has closed down its Aurangabad unit due to heavy losses suffered by the assessee-company. The assessee-company in this year has declared loss of Rs.4.34 crores in the return of income and after making addition as well, the net taxable loss have ...

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Section 54-Booking of flat with builder- Purchase or construction?

ACIT Vs Vineet Kumar Kapila (ITAT Delhi)

The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evidence....

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Reopening based on vague and non-speaking reasons is reopening without jurisdiction

Sunil Agarwal Vs ITO (ITAT Delhi)

Sunil Agarwal Vs ITO (ITAT Delhi) We find that there is no allegation in the reasons recorded that there is failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment u/s 147 of the Act, the notice issued u/s. 148 of the Act after a period of […]...

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