ITAT Delhi held that penalty u/s 271AAA of the Income Tax Act is leviable when the assessee has accepted the additional/undisclosed income during the statement recorded u/s 132(4) of the Act.
ITAT Delhi held that as there is no gain of technical knowledge, experience or skill, the IT support service do not fall under the definition of FTS under Article 13 of the DTAA and hence TDS not deductible on the same.
ITAT Delhi held that income derived from the property held under the trust is wholly for a charitable purpose and hence exemption under section 11 of the Income Tax Act is allowable.
ITAT Delhi held that CRS, which was the source of revenue, was partially existent in the machines namely various computers installed at the premises of the subscribers. As assessee exercised complete control over the computers installed at premises of the subscribers. This amounted to a fixed place of business for carrying on the business of the enterprise in India.
Only because the ld Pr. CIT being a higher authority and more wiser in experience considered that enquiry in some other aspects would have resulted in different opinion, does not give jurisdiction to exercise revisional power u/s 263. That being so the grounds raised are allowed and the impugned order of revisional authority is set aside.
Harmeet Singh Vs ACIT (ITAT Delhi) In this case there is no dispute so far as the percentage of commission is concerned as the same has been accepted by the assessee during the search proceedings as well as during the assessment / appellate proceedings. The only point of concern is whether the assessee has actually […]
ITAT Delhi held that addition in Income Tax proceedings is liable to be set aside as the addition was made on the basis of the finding of Central Excise Department which was eventually decided in favor of the assessee.
Indo British Garments P. Ltd. Vs ACIT (ITAT Delhi) The solitary issue in this appeal is that the assessee has capitalized the said expenses in their financial statements and treated the same as royalty and claimed the same as revenue expenditure in the computation of income. The AO held that since the assessee itself has […]
ITAT Delhi held that benefit u/s 54 of the Income Tax Act duly available the amount equivalent to the capital gains has been utilized for acquisition of new house
Assessee claimed deduction u/s. 10B of Income Tax Act in its return of income instead of section 10AA. This can be a human error while preparing E-return.
