ITAT Delhi

Depreciation @ 60% is allowed on Computer peripherals & accessories

ACIT Vs Container Corporation of India Ltd. (ITAT Delhi)

40. The accessories and peripherals of computers provide input processing, storage and various output devices. The output devices such as printer, scanner etc. are computer peripherals and form essential parts of PC. These output devices cannot work in isolation and also working on computer system without an output device such as printer ...

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Allowability of provision for warranty liability claimed by a product seller

DCIT Vs LG Electronics (I) Ltd. (ITAT Delhi)

6. On the issue as to whether the provisions for warranty liability is deductible for income-tax purposes, a useful reference may be made to a decision of the Hon'ble Kerala High Court in the case of CIT v. Indian Transformers Ltd. (2004) 270 ITR 259, where the Hon'ble Kerala High Court found that the provision for after sales services of...

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Setting off of unabsorbed depreciation of earlier years against income of subsequent year under section 10A of IT Act is not admissable

Phoenix Lamps Ltd. Vs Addl. CIT (ITAT Delhi)

14. It is relevant to state the provision of section 10A(4) as applicable to the assessment year, in which the assessee began production with effect from 01.02.1993 and became entitled to get deduction. The relevant section 10A(4) reads as under :- "Notwithstanding anything contained in any other provision of this Act, in computing the t...

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Bona fide reason to believe that there is escapement of income is sufficient for issue of notice under section 148

ACIT Vs Rani Shankar Mishra (ITAT New Delhi)

19. As per our considered view, at the time of issue of notice, it is sufficient that prima-facie reasons and material should be with Assessing Officer that there is escapement of some income. At the time of issue of notice the Assessing Officer is not required to conclusively establish that there is escapement of income, mere bona-fide r...

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Exercise of revisionary jurisdiction under section 263 of Income Tax Act, 1961

Flextronics Software System Ltd. Vs CIT (ITAT Delhi)

(ii) where proper enquiries have been conducted by the Assessing Officer and he has followed the principles of natural justice, the order passed by him cannot be said to be erroneous and prejudicial to the interests of revenue simply because the ld. Commissioner does not agree with him and he is of the view that addition of a higher amoun...

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Taxability Of Income Earned By A Resident Assessee From Russia Through Its PE

DCIT Vs. Mideast India Ltd. (ITAT Delhi)

9. We have considered the rival submissions and also perused the relevant material on record. It is observed that a similar issue was involved in assessee's own case for the earlier years i.e. AY 1991-92, 92-93 & 93-94 and the Tribunal vide its consolidated order dated 12.6.1998 has decided the same in favour of the assessee for the said ...

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Sustainability Of Addition Made On Basis Of Surrender By The Assessee

Nigam Chawla Vs. ITO (ITAT Delhi)

3. We have considered the facts of the case and rival submissions. We find that evidence exists on record that M/s Ronex International was habitually importing materials from Kaks. It is also a fact that this concern placed an order with the assessee for import of brass and plastic zippers as seen from pages 35 and 36 of the paper book. T...

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Service Tax Will be Included in Turnover for the Calculation of Presumptive Profit

DDIT (Int'l Taxation) Vs Technip Offshore Contracting BV (ITAT Delhi)

5.6 In the present case, it is not in dispute that the assessee company has realized service tax on account of providing services and facilities in connection with the exploration or extraction of minerals oils in India. The service tax so realized is a part of receipts received by the assessee from ONGC. The service tax realized by the a...

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Determination of income from sale of flats during development of a project by a developer

Growth Techno Projects Ltd. Vs CIT (ITAT Delhi)

24. The first question arises in these appeals is whether the assessee is bound to account for the profits on the sale of flats in respect of which possession was handed over by the assessee to the buyer, and the amount of consideration was also realized and was also paid directly to the bank. In this case, the ultimate registration of th...

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Determination of head of income in respect of payment received by an assessee from his employer under a non-compete agreement

Kanwaljit Singh Vs ACIT (ITAT Delhi)

(iii) Even in the case of the assessee, the department is accepting the earning of income albeit on a different footing i.e. claiming the same to be salary income in contra distinction to assessee's claim being business income by virtue of Section 28(va). Though reference is made to colourable devise in the hands of the assessee following...

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