JCIT Vs Amway India Enterprises Pvt. Ltd. (ITAT Delhi) A comparable should not be rejected simply on the ground that is margin is extremely high (or low) in relative comparison to the data pertaining to its peers. It is specifically observed by the CIT(A) that the rejection of the two comparables by the TPO, are […]
Disallowance could not be made on interest for earning exempt income under section 14A as assessee had available, non-interest-bearing funds larger than the investments made in tax- free securities.
National Building Construction Corporation Ltd. Vs Add. CIT (ITAT Delhi) In the instant case before us also, the expenses have been incurred on the direction of the relevant Ministry / Government of India. Further, neither the Assessing Officer nor the learned DR has rebutted the contention of the assessee that expenses have been incurred for […]
Ikea Services India Pvt. Ltd. Vs ACIT (ITAT Delhi) The TPO has not accepted the decision of the Hon’ble Jurisdictional High Court of Delhi in the case of Li & Fund [supra] solely on the ground that an appeal has been recommended before the Hon’ble Apex Court. In our considered view, when the operation of […]
TV Today Network Ltd. Vs Addl. CIT(A) (ITAT Delhi) Hon’ble Apex Court in case of Exide Industries (Supra) held that the claim with regard to leave encashment has to be allowed on cash basis i.e. actual payment basis and not on accrual basis. It is pertinent to note that the payments with regards to the […]
ACIT Vs National Projects constructions Corporation Ltd (ITAT Delhi) Executed border outpost work for the Ministry of Home Affairs and has incurred the expenditure on land acquisition, compensation, service connection charges and miscellaneous expenditure are revenue in nature As per work order (MOU) the assessee was required to acquire the land for the project and […]
ACIT Vs Yashovardhan Tyagi (ITAT Delhi) Clause (v) of Explanation 2 to Section 9(1) consists of two different transactions, one inclusive another non-inclusive. The inclusive part consists of the transfer of all or any rights (including the granting of a licence) in respect of any copyright, literary, artistic or scientific work including films or video […]
Where there was violation of the provision of section 13, the entire exemption under section 11 would not be denied instead expenditure which could not be treated as application of income and in violation under section 13, same should alone be disallowed.
In present facts of the case, the Hon’ble Tribunal held that reimbursements cannot be termed as Fees for Technical Services under section 9(1)(vii) of the Act and Article 12 (4) of India US DTAA.
Om Sweets Pvt. Ltd. Vs DCIT (ITAT Delhi) if the purpose of assessee’s participation in the chit is for the purpose of raising funds, and if the assessee utilized the said funds for the purpose of business, then the difference in the subscription paid by the assessee and the prize amount received shall be treated […]
