ITAT Delhi

Section 50C not applicable on Right to Purchase a Building

Sh. Anil Jain Vs DCIT (ITAT Delhi)

Provisions of section 50C of the Act are not applicable in the case of the assessee as the capital asset involved here was not land or building but it is a right to purchase a building (shop)....

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Fees for use of Software is revenue in nature and allowable U/s. 37

D.C.I.T. Vs G.E. Capital Business Process Management Services Pvt. Ltd (ITAT Delhi)

License fee, Connectivity charges and co-ordination charges paid to a US based company GE Capital Corporation for use of 'Vision Plus' software held to be revenue in nature and allowable under section 37...

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Non compete fee is not an eligible intangible asset for depreciation U/s. 32

DCIT Vs. EAC Industrial Ingredients India P. Ltd (ITAT Delhi)

Non compete fee is not an eligible intangible asset as the words similar business or commercial rights have to necessary result in an intangible asset against the entire word which can be asserted as such to qualify for depreciation u/s 32(1)(ii) of the Act which non compete fees lacks...

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S.68 Addition cannot be made merely because Investor Company was from Kolkata

ACIT Vs. TRN Energy Pvt. Ltd (ITAT Delhi)

Share application money cannot be treated as unexplained credit if the AO does not make any investigation on the documentary evidences filed by the assessee or ask for the production of the investors for examination u/s 131 or if adverse material is found during search to prove that share application money is bogus or an arranged affair o...

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Revision u/s 263 for denying Deduction u/s 80-IA is Invalid if both conditions not satisfied

Pratibha SMS Jv. Vs Pr. CIT (ITAT Delhi)

The exercise of jurisdiction by the Commissioner of Income Tax under the provisions of Section 263 has been a matter of controversy. Especially when it comes to denying the deduction which has been allowed by the Assessing Officer during the course of regular assessment...

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Sec. 292 cannot cure mistake of sending notice in the Name of Deceased Assessee

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi)

ITO Vs. Late Sh. Ram Kumar (ITAT Delhi) It is observed from the assessment order passed by Ld. AO that Ld. AO was well informed regarding the demise of assessee. He was supposed to bring the legal heirs on record as per the details submitted before him during assessment proceedings itself. Once the non-existence of […]...

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Late Fee U/s. 234E for TDS Default Committed prior to 01/06/15 not leviable: ITAT

Sh. Rajesh Kumar Kukreja Vs. DCIT (TDS) (ITAT Delhi)

The Income Tax Appellate Tribunal in its recent order deleted late Fee levied on ground of TDS default since it is committed prior to 1st June 2015. ...

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AO cannot add notional interest for ICD made at Bank FD Rate

ACIT Vs. Satyam Properties & Finance Limited (ITAT Delhi)

AO has treated the subscription of ICD as a loan which in our understanding is not a correct way to interpret an ICD, because it is a deposit made by the subscriber of the ICD issued by a company on a fixed rate of interest and hence it cannot be treated as a loan. ...

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Protective Assessment can’t be made against Shareholder If Overseas Companies already been assessed on substantive basis

DCIT Vs. Smt. Mala Kalsi (ITAT Delhi)

AO admitted that the entire amount which was added to income of assessee on protective basis was already assessed in the hands of the overseas companies on substantive basis...

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Applicability of Section 50C on Transfer of property through transfer of shares in company

ACIT Vs Santosh Kumar Garg (ITAT Delhi)

On the facts and circumstanced of the case, the learned Commissioner (Appeals) has erred in law in deleting the addition of Rs. 2,21,09,600 holding that the provision of section 50C of the Income Tax Act, 1961 cannot be invoked in this case when there was a transfer of immovable property in view of the provisions of section 2(47)(vi) of t...

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