ITAT Delhi

Directing, supervising and looking after Sanatan Dharam School not amounts to imparting of education

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions) (ITAT Delhi)

Sanatan Dharam Shiksha Sammittee Vs CIT (Exemptions)  (ITAT Delhi) t is pertinent to note that from the perusal of the by-laws of the society, all the clauses are general clauses which do not point out any charitable activity. In fact, from the objectives the society will purchase and sell immovable property as per society’s needs. [&h...

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No adjustment if impact of outstanding receivable considered in Working Capital

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi)

M/s. Barco Electronic Systems (P.) Ltd. Vs. DCIT (ITAT Delhi) Facts of the Case ♣ Barco Electronic Systems Pvt. Ltd. ( taxpayer) is engaged in business of manufacturing of projectors and parts, trading in visual display products and provision of software development services. ♣ During the year under consideration, the taxpayer entered...

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Mere disallowance of expense cannot result into concealment of income

Alfa Bhoj Limited Vs ACIT (ITAT Delhi)

Alfa Bhoj Limited Vs ACIT (ITAT Delhi) With respect to the claim of the deduction of deferred revenue expenditure of Rs. 2950195/– the assessee submitted that the above expenditure has been incurred by the assessee for exploring the future business opportunities. The learned AO disallowed the above sum u/s 37 of the income tax act [&hel...

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Section 80G(5) Registration cannot be denied if CIT(E) was satisfied with objects / activities of assessee 

Bharat Vikas Parishad Maharana Pratap Nyas Vs CIT (ITAT Delhi)

Bharat Vikas Parishad Maharana Pratap Nyas Vs CIT (ITAT Delhi) After considering the rival submissions, we are of the view that Order under section 80G(5) denying approval to the assessee cannot be sustained in Law. It is not in dispute that assessee has been granted registration under section 12AA of the I.T. Act, 1961, by DIT […...

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Section 54F exemption if Sale Proceed not invested in Specified Govt Scheme but Property purchased within Three Years

Sh. Vijay Chaudhary Vs ITO (ITAT Delhi)

Sh. Vijay Chaudhary Vs ITO (ITAT Delhi) Whether the assessee invests the entire sales consideration in construction of a residential house within three years from the date of transfer can he be denied exemption under Section 54F on the ground that he did not deposit the said amount in capital gains account scheme before the […]...

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order procurement services cannot be treated as royalty and fees for technical services

Pure Software Pvt. Ltd. Vs ITO (ITAT Delhi)

Pure Software Pvt. Ltd. Vs ITO (ITAT Delhi) t is pertinent to note here that in case of the assessee company, two non-resident foreign companies, one by the name of J2S INC, USA and another by the name of NAVOS, Belgium were appointed to locate foreign buyers to whom the assessee company could sale its […]...

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Penalty cannot be sustained merely for disallowance of Depreciation claimed at higher rate

MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi)

MakeMy Trip (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) As regards the penalty based on addition on account of difference in rate of depreciation on computer peripherals, the Assessing Officer has observed that the assessee made a wrong claim of depreciation @ 60% on printers, UPS, computer stationery, routers and scanners by clubbing them wit...

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Bright Line Test cannot be applied for determining AMP expenses

Whirlpool of India Ltd. Vs DCIT (ITAT Delhi)

Bright line test is not an appropriate yardstick for determining existence of an international transaction for calculating arms length price....

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CIT(A) cannot enhance income based on sources not considered during assessment

Hari Mohan Sharma Vs ACIT (ITAT Delhi)

Enhancement u/s 251 (1) (a) is prohibited on the issues which have not at all been considered by AO during assessment proceedings, therefore, CIT (A) had exceeded his jurisdiction in enhancing the income of assessee by considering the new sources of income not at all considered by AO....

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Upfront fee paid to bank to obtain loan for acquisition of capital asset allowable

M/s Escorts Ltd. Vs ACIT (ITAT Delhi)

Any expenditure incurred for obtaining loan was allowable as revenue expenditure even if the loan was intended for acquiring a capital asset. Thus, upfront fee paid to bank was thus allowable....

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