ITAT Delhi cancels penalties against G.D. Goenka Pvt. Ltd. ruling that underlying assessments were invalid due to defective Section 153D approval following a search.
Hardev Recycling tax appeal: ITAT Delhi rules on disputed purchases & income estimation. Tribunal directs lower net profit rate, granting partial relief.
ITAT Delhi held that incentives in the form of excise duty refund, sales tax remission, sales/ VAT input tax refund received under the Incentive Scheme are capital receipts and hence not chargeable to income tax. Accordingly, ground of the assessee allowed.
ITAT Delhi held GoDaddy’s income from domain registration, hosting, and other services not taxable as royalty or FTS under the Income Tax Act or India-USA DTAA.
ITAT Delhi held that disallowance of share premium under section 56(2)(viib) of the Income Tax Act not sustainable since shares are allotted to an existing shareholder and hence creditworthiness cannot be doubted. Accordingly, appeal of revenue dismissed.
ITAT Delhi ruled an income tax assessment invalid, quashing the order. The assessment was completed by an officer lacking jurisdiction without a valid Section 127 transfer order.
ITAT Delhi held that loose papers cannot be considered as admissible evidence for making an addition unless backed by independent corroborative material. Accordingly, addition made under section 69B of the Income Tax Act liable to be deleted.
ITAT Delhi held that exemption under section 10(23C)(iiiad) of the Income Tax Act granted on the basis of provisional registration under section 10(23C)(i) of the Income Tax Act even in absence of approval u/s. 12A. Accordingly, appeal of assessee allowed.
ITAT Delhi held that invocation of provisions of section 56(2)(viib) of the Income Tax Act erroneous as there is no over-valuation of shares over the fair market value of shares. Accordingly, addition made u/s. 56(2)(viib) deleted.
ITAT Delhi rules tax reassessment invalid under Section 147 as AO’s ‘reason to believe’ was based on an incorrect assumption of facts about purchases.
