Vikram Kalra Vs ACIT (ITAT Delhi) It is the case of the assessee that the provisions of Section 54F are beneficial in nature and the Courts have always accorded liberal interpretation and a small delay of few days have been condoned for the eligibility purposes. Even otherwise, in these circumstances, the imposition of penalty on […]
Whether any addition can be made and confirmed in the hands of assessee on account of cash deposit of Rs.2,30,000- during demonetization
ITAT held that passing the assessment order against non existing entity is not sustainable in the eyes of law and the same is void ab initio.
After considering detailed reasoning by AO as to how assessee has introduced unaccounted money in the garb of LTCG, ITAT upheld addition.
DCIT Vs Flt Lt. Rajan Dhall Charitable Trust (ITAT Delhi) he issue in the present ground is with respect to the denial of claim of Rs.3.32 crores (rounded off) as application of income on account of provisions for doubtful debts. We find that CIT(A) after considering the submissions of the assessee has given a finding […]
ITAT held that mere disallowance of depreciation would not lead to imposition of penalty under Section 271(1)(c) , more particularly where quantum disallowance of depreciation itself is highly debatable
No mala fide can be inferred where assessee is nursing such huge losses at its disposal. ITAT find that mitigating circumstances exists to exonerate assessee from clutches of penalty under Section 271(1)(b)
ITAT Delhi held that Reopening not allowable to disallow prior period expenses which were duly disclosed during original Assessment in Financial Statements and Tax Audit report
Jindal Steel & Power Limited Vs Addl. CIT (ITAT Delhi) Facts in brief are that the assessing officer has, in the assessment order, while holding the impugned subsidy as revenue receipt, simultaneously reduced the same from cost of fixed assets, while applying provisions of Explanation 10 to section 43(1) of the Act resulting in double […]
Grant Thornton Advisory (P.) Ltd. Vs DCIT (ITAT Delhi) Conclusion: No TDS was to be deducted under section 195 on payment made by assessee to GTIL, UK towards membership and subscription fee as the relationship between GTIL, UK and its members would be governed by the principle of mutuality, hence, would not be taxable. Held: […]
