Read the full text of the ITAT Delhi order in Prime Maxi Promotion Pvt. Ltd. Vs ACIT case, allowing deduction for additional compensation paid for land acquisition costs.
Analysis of Om Prakash Vs PCIT (ITAT Delhi) case reveals PCIT’s jurisdiction limitations on tax issues under Land Acquisition Act Section 28.
Explore the detailed analysis of Jai Parkash Vs PCIT (ITAT Delhi) case where the assessment jurisdiction dispute regarding interest received under section 28 of the Land Acquisition Act was resolved.
Yala Construction Co. Pvt Ltd’s disallowances upheld by ITAT Delhi include depreciation, interest on loan, commission, and sponsorship fee. Detailed analysis and conclusion provided.
ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up demonetization currency. Accordingly, addition u/s. 68 of the Income Tax Act directed to be deleted.
Tribunal restored the matter of AO’s disallowance, which was deemed inconsistent with Section 115JB by directing assessee’s claim of deduction for computing book profit under Section 115JB required fresh verification in the light of the Chart furnished by assessee, which had been reproduced in the order.
ITAT Delhi states transactions in regular books cannot be deemed incriminating material, dismissing revenue’s appeal against CIT(A) order.
ITAT Delhi held that receipt of non-competition fee on account of restrictive covenants in respect of restrain on the source of income are capital receipts. Accordingly, the same is not liable to tax.
ITAT Delhi held that giving effect to uncertainty of revenue recognition, income rightly offered to tax on the basis of receipts. Accordingly, addition of income based on accrual basis deleted.
Expenditure incurred on paintings was allowable as revenue expenditure deeming it essential for creating a conducive business environment and accordingly to be construed as expenditure wholly and exclusively incurred for the purpose of business of assessee.
