Yum Restaurants India (P) Ltd Vs ACIT (ITAT Delhi) The undisputable fact in this case is that while the lease rentals are paid based on a fixed percentage on the net revenue, the Common Area Maintenance (CAM) charges are based on the per sq. ft. area. The observation of the ld. CIT(A) is that the […]
Interest income earned on fixed deposits (FDs) kept as security for performance guarantee is taxable as business income and can be set off against project expenses.
ITAT Delhi held that the amount received by the assessee from freight/logistic support services cannot be treated as FTS/FIS either under section 9(1)(vii) of the Income Tax Act or under tax treaty provisions and hence the same is not taxable in India.
ACIT Vs Gurgaon Gramin Bank (ITAT Delhi) It is emerges from the material on record that, the assessee was maintaining books of accounts which being duly audited by expert, i.e. Chartered Accountant. The report of the chartered accountant has been furnished before the A.O. At the time of assessment proceedings, the Assessing Officer has disallowed […]
Neeraj Kumar Vs ITO (ITAT Delhi) From the penalty order, we observe that the Assessing Officer nowhere stated that the notices issued u/s 142(1) of the Act were served on the assessee. In the entire penalty order we observe that the notices said to have been issued by the AO but it is not the […]
ITAT Delhi held that in case of limited scrutiny, AO cannot exceed the jurisdiction beyond the one which he has carved out himself in the notice issued for limited scrutiny. Addition beyond his jurisdiction is unsustainable.
ITAT Delhi held that imposition of penalty u/s 271(1)(c) of the Income Tax Act on the mere allegation that assessee failed to justify the revenue nature of the expenditure is unsustainable as penalty proceedings are independent of assessment proceedings.
ITAT Delhi held that revenue received towards to distribute the channel to cable operators, DTH operators, hotels, institutions etc. in India is not in the nature of royalty and hence addition not sustainable.
DCIT Vs Aecom Asia Co. Ltd. (ITAT Delhi) ITAT Delhi held that the assessee has rightly offered the Overseas Consultancy Income as fees for technical services under the provisions of section 115A of the Act and the addition made under section 44DA of the Act is liable to be deleted. Facts- The Appellant is a […]
ITAT Delhi held that proportionate disallowance of interest is not warranted, under Section 14A of Income Tax Act for investments made in tax free bonds or securities which yield tax free dividend and interest.
