ITAT Delhi

Section 11 exemption cannot be denied for receipt of fees from non-members

DCIT (E) Vs. PHD Chamber Of Commerce And Industry (ITAT Delhi)

Assessee is an association of professional and businessman to protect and promote the interest of its members. The income of the assessee is from membership fees from its members, specialized services, services and facilities, meetings, seminars and training programmes, sale of publication etc. It is also noted that the income of the asse...

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Expense on Sponsoring Tours of doctors by Pharma Companies is not allowable

DCIT Vs. M/s. Ochoa Laboratories Ltd. (ITAT Delhi)

 These three appeals of the Revenue and two cross objection of the assessee, are directed against separate orders of the Commissioner of Income-tax (Appeals), New Delhi (in short the ‘CIT-(A)’]. In assessment years 2006-07, the assessee has not filed cross objection against the appeal of the Revenue, however, in assessment years 2007...

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Penalty cannot be levied for difference in Income with form 26AS due to TDS deduction on Service Tax Component

M/s. Bhayana Builders Pvt. Vs The DCIT (ITAT Delhi)

Since the difference is reconciled at the penalty stage and claim of assessee have not been doubted or rejected, therefore, Ld. CIT(A) was not justified in confirming the levy of penalty merely because assessee conceded for addition of the amount in question. ...

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Loss on Mutual Fund sale is Business Loss for assessee engaged in share trading business

M/s. Cosmos International Ltd. Vs ITO (ITAT Delhi)

Assessee is engaged in the business of trading in securities and shares. In the year under consideration the assessee suffered a loss of Rs. 29,82,952/- on the sale of Mutual Fund which was held as stock in trade and as such claimed as business loss. The issue in this case is whether the amount of Rs 29,82,952/- on account of loss on sale...

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ITAT clarifies period of limitation for filing rectification application U/s. 254(2)

Srinivas Sashidhar Chaganty Vs ITO (ITAT Hyderabad)

Section 254(2) of the Act refers to the period of limitation reckoning from the end of the month in which the order is passed and not from the date of ‘date of receipt of the served/ received are not interchangeable and the Legislature in its wisdom expressly used the phraselogy depending on the intention. In the instant case, the expre...

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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/...

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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....

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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’...

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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....

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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....

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