ITAT Delhi

Section 80IB deduction allowable only on Income having direct nexus with developing a housing project

Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata)

The issue under consideration is that whether the disallowance made by the Assessing Officer on account of assessee’s claim for deduction under section 80IB(10) of the Income Tax Act, 1961 in respect of interest received amounting to Rs.11,10,810/- and other income amounting to Rs. 6,36,746/- is correct or not?...

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Satisfaction note should be recorded separately for assessee searched u/s 132

ACIT Vs Gracious Project Pvt. Ltd. (ITAT Delhi)

The assessee challenged the jurisdiction as the Assessing Officer has not given any separate satisfaction for the assessee and only a mechanical satisfaction was recorded....

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Registration u/s 12AA cannot be refused for non-starting of charitable activities

Mariam Education Society Vs CIT (ITAT Delhi)

In the given case the appeal is filed by the assessee society because their application for registration under section 12AA is rejected by the CIT with the reason that the society is a commercial entity engaged in providing medical services on commercial lines and levying huge fee for the same, without any act of charity....

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Word ‘assessable’ inserted in section 50C w.e.f. 01/10/2009

Smt. Alka Jain Vs ACIT (ITAT Delhi)

Word assessable has been inserted in section 50C w.e.f. 01/10/2009. Thus, prior to 01/10/2009, the section 50C was applicable over the sale of properties, which were sold by of the registered deed where the stamp value was assessed by the registration authorities and the section 50C was not applicable,...

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AO cannot reject Section 14A disallowance made by assessee without recording his satisfaction

ACIT Vs Indiabulls Real Estate Ltd. (ITAT Delhi)

AO cannot reject suo-moto disallowance made by assessee under Section 14A of the Income Tax Act, 1961 without recording his satisfaction as required under Section 14A(2) of the Income Tax Act, 1961....

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Non-Competent Fee is Capital Expenditure, Depreciation not allowable

Hindustan Coca-Cola Beverages Pvt. ltd. Vs DCIT (ITAT Delhi)

Hence, the order of Assessing Officer was upheld to the extent that the payment of non-compete fee was a capital expenditure and the assessee was not entitled to claim depreciation u/s 32 of the Act on the said capital expenditure....

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Amount received by Retiring Partner not chargeable to Capital Gain Tax

Alankar Saphire Developers Vs DCIT (ITAT Delhi)

ITAT held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of the Income Tax Act, 1961....

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No Surcharge and Education Cess on tax rates prescribed under DTAA

JCDecaux S.A. Vs ACIT (ITAT Delhi)

Surcharge and Education Cess was not leviable on receipts in the nature of Royalties and reimbursements of other expenses, which was offered to tax by assesse on gross basis under the India - France DTAA....

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Date of payment of self-assessment tax cannot be treated as date of filing appeal

Valley Iron and Steel Co. Ltd. Vs ACIT (ITAT Delhi)

Since AO and wrongly took the date of deposit of self-assessment tax as date of filing of appeal whereas date of self-assessment tax payment had to be treated as the date of removal of defect in the appeal as originally filed, thus, once defect of remittance of self-assessment tax stood removed, CIT(A) was required to adjudicate the appea...

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TDS credit allowable irrespective of deposit by deductor

Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi)

Aricent Technologies Holdings Ltd. Vs ACIT (ITAT Delhi) Conclusion: Credit for tax deducted at source, which was deducted from the account of the deductee, by the deductor, was to be allowed as taxes paid in the hands of the deductee, irrespective of the fact whether the same had been deposited by the deductor to the […]...

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