DCIT Vs Genesis Colors Pvt. Ltd. (ITAT Delhi) During the assessment proceedings, the Assessing Officer treated the advance received u/s 2(22)(e) holding, -That GLFPL has granted loans of Rs. 15,00,00,000/- and Rs.5,00,00,000/- on 30.07.2011 to M/s Genesis Colours Pvt. Ltd. as per the related party transaction chart shown in Notes to accounts of the accounts […]
Balbir Investment Pvt. Ltd. Vs ITO (ITAT Delhi) A perusal of the reasons recorded by the Assessing Officer shows that he has reopened the assessment by recording the reasons that shares of G.J. Holdings has been procured by Blabir Investments Pvt. The relevant observations of the Assessing Officer in the reasons recorded by the Assessing […]
It was held that even if the shareholders are bogus, addition cannot be made in the hands of the assessee and addition can be made only in the hands of such bogus shareholders if their identity is known to the Department.
XL Laboratories Pvt. Ltd. Vs DCIT (ITAT Delhi) Although, the assessee was required to file the appeal in electronic form w.e.f., 01.03.2016, it is undisputed that at that particular time there were some technical glitches in the e-filing website of the Income Tax Department due to which the CBDT subsequently extended the time limit for […]
HLS Asia Ltd. Vs DCIT (ITAT Delhi) Prima facie after looking at provisions of Section 17 and the concept of Director under the Companies Act and thus has a relationship as an employee to the Company. Besides this, the fees which is termed as sitting fees is the part and parcel of remuneration of the […]
Ashish Mittal Vs DCIT (ITAT Delhi) The Ld. AR submitted that the Assessing Officer has not contemplated the proper penalty notice as per the provisions of Section 271AAB. The Assessing Officer was not correct in imposing the penalty u/s 27 1AAB as the assessee has surrendered the income and also paid taxes accordingly The insertion […]
ACIT Vs Indian Evangelical Team (ITAT Delhi) ITAT held that provisions of section 13(1)(b) are attracted in case of charitable societies only and not in case of religious societies and hence there is no violation of section 13(1)(b) as alleged by the Assessing Officer, since this assessee is religious society. FULL TEXT OF THE ORDER […]
ITO Vs Direct Mercantile Company Pvt. Ltd. (ITAT New Delhi) Issue- Ld. Commissioner of Income Tax (Appeal) erred in law and on facts of the case in deleting the addition of Rs. 3,14,16,000/- made by the A.O on account of unexplained share capital & share premium and Rs. 2,10,00,000/- on account of unexplained investment Submission […]
Where assessee had existing brought forward losses which were either could not be set off against the profits and if the assessee considered any year as the initial assessment year for the benefit of Section 80IA in such cases, the eligible profits would be determined only after setting off of the losses/ unabsorbed depreciation carried forward in the year the deduction was claimed.
Lord Krishna Rice Mills Vs ITO (ITAT Delhi) Whether the assessee can claim additional depreciation which was not claimed in the original return or not claimed through revised return, but, was claimed during the course of assessment proceedings. As per the decision of the Hon’ble Supreme Court in the case of M/s Goetze (India) Ltd. […]
