The Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Dalmia (Bros) Pvt. Ltd. vs DCIT, ruled that expenses on vehicle maintenance and club fees, when taxed as perquisites in the hands of directors and employees,
The ITAT Delhi dismissed the revenue’s appeal against D&Y Technologies, confirming that the Assessing Officer cannot reject a company’s books of account based solely on a decline in profit rates or disallow director’s salary without evidence that the payment was not for business purposes.
The ITAT has deleted gross profit additions made to Sunil Garg’s income, ruling that the Assessing Officer’s actions were arbitrary and lacked incriminating material.
The ITAT Delhi ruled that cash deposits in a bank account, which are part of business receipts already covered by presumptive tax under Section 44AD, cannot be added as unexplained cash credits.
Tribunal confirmed that donations routed as consideration for corporate liaisoning, personal expenses of promoters, and shell transactions justify cancellation of charitable registration from inception
ITAT Delhi partly allowed the assessee’s appeal for AY 2012-13, reducing the unexplained investment addition from Rs. 7.82 lakh to Rs. 1.32 lakh. The tribunal factored in the assessee’s socio-economic status and past family savings, granting a net relief of Rs. 6.5 lakh.
Tribunal held that EDC paid to HUDA is a statutory levy and not interest, quashing disallowance u/s 40(a)(ia) based on erroneous application of Section 194A.
Delhi ITAT deletes a Rs.190 Cr tax addition on share premium, citing impermissible double taxation. The ruling upholds the principle that the same income cannot be taxed twice.
The Income Tax Appellate Tribunal (ITAT) Delhi heard the case of Ashish Anand vs. ITO, concerning an unexplained cash deposit during demonetization.
ITAT Delhi held that assessment order passed on the basis of consolidated approval under section 153D of the Income Tax Act in mechanical manner without application of mind is void-ab-initio and hence assessment is liable to be quashed. Accordingly, appeals are allowed.
