ITAT Delhi

Expenditure on improvements on leasehold premises is capital expenditure

Carrier Air-conditioning & Refrigeration Ltd. Vs ACIT (ITAT Delhi)

In other words, the amount so incurred would be capitalized entitling the assessee to depreciation as per the eligible rate. The learned Members of the ITAT held that the facts of the instant case precisely fall within the ambit of Explanation 1 to section 32 and upheld the impugned order treating such amount as capital expenditure, eli...

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Section 148 notice without Approval of Competent Authority is invalid

ITA Vs Kuber Fertilizers Pvt. Ltd. (ITAT Delhi)

ITO Vs Kuber Fertilizers Pvt. Ltd. (ITAT Delhi) There is no dispute that the notice u/s 148 was issued to the assessee in respect of assessment years, beyond the period of four years from the end of the relevant assessment years as contemplated under the proviso to sub section (1) of Section 151 of the […]...

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Addition for capitation fee as unaccounted money not sustainable when assesse proves non-payment of same by him

Sudarshan Kumar Jain Vs DCIT (ITAT Delhi)

Sudarshan Kumar Jain Vs DCIT (ITAT Delhi) I find the son of the assessee Dr. Sandeep Jain who appeared before the Assessing Officer had categorically stated that whatever amount has been paid towards admission and donation/capitation fee has been paid by him. He and his wife are doctors since 1996 and have sufficient source to […]...

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No Tax on forfeiture of earnest money received during negotiation of a capital assets prior to 01.04.2015

Sh. Ashwani Khurana Vs DCIT (ITAT Delhi)

Sh. Ashwani Khurana Vs DCIT (ITAT Delhi) Undisputedly assessee had entered into an agreement to sell qua his property bearing no. 56 Golf Links, New Delhi with one Sanjay Pashi after accepting the earnest money of Rs. 4,62,50,000/-, which was subsequently forfeited as the prospective buyer Sanjay Pashi has failed to perform his part of [&...

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Addition of premium amount cannot be made solely on the basis of valuation of loss-making company

India Today Online Pvt. Ltd. Vs ITO (ITAT Delhi)

India Today Online Pvt. Ltd. Vs ITO (ITAT Delhi) Conclusion: Addition of difference premium amount of Rs. 20/- per share in assessee-company on the ground that M company was a loss-making company was not justified as assessee had substantiated the shares issued at Rs. 30 per share was less than the FMV  and the underlying […]...

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Exemption u/s 54F allowable despite start of construction of new house before sale date of original asset

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Exemption u/s 54F allowable despite start construction new house before sale date original asset...

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TDS U/s. 194IA when Consideration to each transferor not exceeds Rs. 50 lakhs

Vinod Soni Vs ITO (ITAT Delhi)

Where individual share of consideration paid towards immovable property purchase by four persons including the assessee amounted to less than Rs. 50 lakhs, the assessee was not liable to deduct tax under section 194IA of Income Tax Act, 1961 even if value of the property purchased under single sale deed was exceeding Rs. 50 lakhs....

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Exemption u/s 10(23)(iiiad) cannot be denied for mere surplus 

New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi)

New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made merely on the basis that surplus [&hellip...

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TDS u/s.194H not deductible on credit card commission retained by banks

ACIT Vs The Indian Hotels Company Ltd. (ITAT Delhi)

ACIT Vs Indian Hotels Company Ltd. (ITAT Delhi) It was the submission of the assessee that credit card commission was out of the realm of section 194H of the Act since there was no principal-agent relationship between the merchant establishment and the bank and, therefore, the provisions relating to tax deduction at source were not [&hell...

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Payment for fabric testing would not constitute fee for technical services

Rajesh Kumar Saroj Vs JCIT (ITAT Delhi)

Indo-UK DTAA must be read as forming part of Indo-Spain DTAA as well and, therefore, the payment made by the assessee to the Spanish company for fabric testing would not constitute fee for technical services and consequently, section 195 of the Act has no application to such a receipt....

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