ITAT Delhi

ITAT condones Appeal filing delay due to fault of CA

Akshay Jain Vs DCIT (ITAT Delhi)

Akshay Jain Vs DCIT (ITAT Delhi) Appeal of the assessee is barred by limitation by 12 days for which the assessee has filed an application for condonation of delay stating that after receiving of the order of the ld. CIT (A) on 22.03.2018, assessee has duly handed over the same to his Chartered Accountant, Shri […]...

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Transfer Pricing Case Analysis on Inclusion / Exclusion of comparables

Beam Global Spirits & Wine (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi)

Beam Global Spirits & Wine (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi) Brief of assessee’s facts: 1. Beam India (the assessee), a wholly owned subsidiary of Beam USA, was engaged in the production and sale of alcoholic beverages in India. 2. During AY 2008-09, the assessee entered following ITs with its AE along with outcome […]...

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No disallowance u/s 14A in absence of exempt income

ACIT Vs  Prabhatam Advertising (P) Ltd. (All ITAT)

In the present case, AO noticed investments made by assessee-company and invoked section 14A leading to disallowance whereas assessee claimed that no dividend income earned during the year under consideration. It was held since assessee-company did not have any dividend income and it had strategic investment therefore no disallowance unde...

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LTCG tax payable on Transfer of client relationship & goodwill by CA firm

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi)

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi) Conclusion: Assessee-firm was entitled to claim deduction claim under Section 54EC as assessee had made an investment in the specified bonds and capital gain had arisen to the assessee from transfer of client relationship and goodwill which was long-term capital asset under section 2(14...

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Deduction u/s 80IC allowable in absence of splitting or reconstruction of existing business

ITO Vs Indica Industries Pvt. Ltd. (ITAT Delhi)

Since assessee had not transferred any old machinery from the existing unit to new unit and the transactions of purchase of raw material from the existing unit were at arm’s length price, deduction u/s 80IC was allowable as there was no splitting up or reconstruction of the business already in existence at Noida Unit. ...

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TDS u/s 194H not deductible on discount to prepaid card distributors for SIM card supply

Ms Idea Cellular Ltd Vs ACIT (ITAT Delhi)

Section 194 H was applicable on on the discount allowed by assessee to the prepaid card distributors in respect of supply of SIM card/Recharge vouchers (SIM/RV)....

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Activities of Trust cannot be termed as Commercial for mere Surplus earned by it

DCIT (Exemption) Vs Ernet India (ITAT Delhi)

DCIT Vs Ernet India (ITAT Delhi) Though assessee was charging subscription as well as consultancy fees on actual, the same did not result in to the conclusion, that it was carrying on its activities which could be termed as business, trade, or commerce. FULL TEXT OF THE ITAT JUDGEMENT The present appeal has been filed by revenue [&helli...

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CIT(A) cannot tax a new source of income which was not part of original assessment

ACIT Vs Versatile Polytech P. Ltd (ITAT Delhi)

Although the powers of the CIT(A) were co-terminus with that of the powers of AO, yet, it had jurisdiction only on those items which had been considered by AO irrespective of the fact whether the issue was subject matter of appeal or not. ...

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Sec. 56(2)(viia) applies only to bogus capital building & money laundering cases

Aamby Valley Ltd Vs ACIT (ITAT Delhi)

In our view, the said Section can be applied if there is a transfer of shares in favour of a Firm or a Company. For the transfer of shares, we agree with the assessee that there must be a transferor and transferee and transferred assets i.e., shares. In the case of amalgamation, it cannot be said that there is a transfer of shares as the...

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Reassessment order passed without disposal of objections raised by assessee is invalid

Golden Flame Steels Pvt. Ltd. Vs ITO (ITAT Delhi)

Reassessment order passed without disposal of objections raised by assessee by passing a speaking order by AO was illegal and invalid....

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