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ITAT Delhi

ITAT deletes addition on account of Client Code Modifications

DCIT Vs Futurz Next Services Ltd. (ITAT Delhi)

DCIT Vs Futurz Next Services Ltd. (ITAT Delhi) In the instant case it is an admitted fact that the assessee is not a member of any exchange and cannot execute Client Code Modifications (CCM) and the transactions on account of CCM done by the group concerns are not found to be false or untrue and […]...

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ITAT upheld addition of unexplained Rs. 12.81 crore deposited in Bank

Arun Duggal Vs DCIT (ITAT Delhi)

Arun Duggal Vs DCIT (ITAT Delhi) Brief facts of the case are that information has been received from investigation division of the Income Tax department with regard to the two bank accounts maintained by the assessee which have not been disclosed to the Income Tax Department. Based on the information received, the Assessing Officer having...

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License fees paid for right to use telecommunication spectrum is revenue expenditure

DCIT Vs Hughes Communication India Ltd. (ITAT Delhi)

Whether licenses fee which give assessee company long term right to use telecommunication spectrum and the annual extension of the same be considered as capital expenditures ...

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ITAT explains Basic modus of providing bogus LTCG- Upheld addition

Abhinav Agarwal Vs DCIT (ITAT Delhi)

Abhinav Agarwal Vs DCIT (ITAT Delhi) Snapshot of Basic modus of providing bogus LTCG 1. Merger of Unlisted companies with Listed Entity: This is the most preferred option for the persons willing to operate for the purpose of doing Long Term capital Gains. In case of the mergers with listed companies, the merger petition has […]...

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Disallowance cannot be made on issues which are not subject matter of limited scrutiny

Dharam Bhushan Jain Vs ACIT (ITAT Delhi)

A.O. has not made any addition/disallowance on those two counts for which the case was selected for limited scrutiny, but he has made certain additions on an issue which was not the subject matter of limited scrutiny and there is nothing on record to suggest that the A.O. has taken necessary approval from the PCIT/CIT for converting the l...

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Vague Penalty order without any sound legal basis not sustainable

Aesthetica Enterprises P. Ltd. Vs ACIT (ITAT Delhi)

Aesthetica Enterprises P. Ltd. Vs ACIT (ITAT Delhi) In this case nature of default committed by the assessee is not known as the inappropriate portion in the relevant column of the show cause notice has not been struck off. Consequently, the Assessing Officer himself was unsure of the category under which the default is blamed […]...

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Reopening of assessment not allowed for mere verification of claim

Inderjeet Kohli Vs DCIT (ITAT Delhi)

For a mere verification of the claim, the power of re-opening of the assessment could not be exercised and it further held that AO under the guise of power to re-open the assessment cannot seek to undertake an undertaking a fishing or roving inquiry or seek to verify the claim as if he is the scrutiny officer....

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Petty expenses by Companies cannot be disallowed on adhoc basis

YKM Holdings Pvt. Ltd. Vs DCIT (ITAT Delhi)

YKM Holdings Pvt. Ltd. Vs DCIT (ITAT Delhi) We find that, out of total expenses of Rs.10,96,510/- on the travelling and conveyance, a sum of Rs.7,99,769/- was incurred on booking of tickets and remaining for boarding and lodging, which is evident from the details given in the paper book at page 2. For booking of […]...

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In absence of any adverse material, AO cannot question the wisdom & business expectancy of Assessee

ACIT Vs Chadha Power (ITAT Delhi)

Sans any adverse material, AO cannot question the wisdom and business expectancy in which wake of such evidences and record which has been duly appreciated and taken note of by the ld. CIT (A)....

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Once an asset is a part of block of assets, lack of subsequent use not relevant for depreciation

Pawan Hans Helicopters Ltd. Vs DCIT (ITAT Delhi)

Pawan Hans Helicopters Ltd. Vs DCIT (ITAT Delhi) The facts in the instant case that the helicopters were acquired in 1986-87 and the assessee has been claiming the depreciation since then has not been in dispute. The AO has allowed the depreciation on helicopters in the earlier assessment years. This fact is also not disputed […]...

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