ITAT Delhi

Interest subsidy not being income has to be excluded while computing book profits u/s 115JB

Indogulf Cropsciences Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that as receipt of an interest subsidy received under the scheme is not income at all and hence the same has to be excluded while computing book profits under section 115JB of the Income Tax Act....

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Addition u/s 56(2)(viib) without verification of valuation report is unsustainable in law

Eduwizards Info solutions P. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that confirmation of addition under section 56(2)(viib) of the income Tax Act read with Rule 11UA(2) of the Income Tax Rules without verification of the valuation report of the Chartered Accountant is unsustainable in law....

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Return filed within specified time limit and hence benefit u/s 11 available

Conference of Religious India Vs Ward Exemption (ITAT Delhi)

ITAT Delhi held that benefit of exemption u/s. 11 of the Income Tax Act duly available as the income tax return was filed within the specified time limit of sub-section 139 of the Income Tax Act....

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Expenditure related to goods carriage taken on hire is allowed even if receipts taxed u/s 44AE

Shakir Ahmad Vs ITO (ITAT Delhi)

ITAT Delhi held that expenditure related to the goods carriages taken on hire from the open market for carrying out the transportation activities is available to the assessee even if the receipts are subjected to taxation under provisions of section 44AE of the Income Tax Act....

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DVO applying CPWD rates instead of State PWD rates is untenable

Ecstasy Buildcon Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that addition based on DVO report regarding construction of cost of property unsustainable as DVO applied CPWD rates, however, it is settled law that State PWD rate is better guiding factor for arriving at cost of construction of the property....

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ITAT allowed deduction of PF/ESI/EPF deposited late but paid before ITR filing

Ajashy Engineering Sales Pvt. Ltd. Vs ITO (ITAT Delhi)

Ajashy Engineering Sales Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that AO was not justified in denying the deduction claimed by the assessee on account of late deposit of PF/ESI/EPF, albeit before filing the return of income. Admittedly in the matter, the Revenue had not contended that the assessee has deposited the contribution after [&he...

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Reopening of assessment beyond four years period invalid as material facts disclosed fully

VE Commercial Vehicles Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that reopening of assessment beyond four years period is invalid as there was no failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment....

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Salary by head office to expatriate employees working in Indian branch is allowable deduction

MUFG Bank Ltd Vs ACIT (ITAT Delhi)

ITAT Delhi held that that the salary paid by the head office to expatriate employees working in Indian branches is allowable as deduction under section 37 of the Income Tax Act....

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Reopening of assessment based on approval granted in routine/ casual manner is untenable

Kadir Ahmed Vs ITO (ITAT Delhi)

ITAT Delhi held that reopening of the assessment u/s 147 of the Income Tax Act based on the approval granted in a routine and casual manner is unsustainable in the eye of law....

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Penalty cannot Survive if relevant issues is been restored back to AO

Sh. Vinod Jindal Vs DCIT (ITAT Delhi)

Sh. Vinod Jindal Vs DCIT (ITAT Delhi) Penalty under section 271AAA of the Act was imposed based on the additions made in the assessment order, aggregating to Rs.24,54,184/-. However, while deciding assessee’s quantum appeal, the Tribunal in ITA No. 839/Del/2017, dated 30.06.2022 has deleted addition of Rs. 1 lakh made on account of unex...

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