CLC & Sons Pvt. Ltd Vs. ACIT (ITAT Delhi) (Special Bench) Hon’ble Summit court in CIT vs. Smifs Securities Ltd. (2012) 348 ITR 302 (SC) in which it has been held: “that goodwill will fall under the expression ‘or any other business or commercial rights of similar nature’” and, hence, qualifies for depreciation u/s 32(1) of […]
M/s. Oriental Insurance co. ltd, Vs JCIT (ITAT Delhi) In the present case the quarterly TDS return in form No. 24Q, which was to be filed by the assessee on 15.06.2011 was filed on 05.04.2013 causing the delay of 660 days. The main reason shown by the assessee is that the work was entrusted to […]
This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals] – 40, New Delhi dated 31.12.2015 pertaining to A.Y 2011-12. 2. Grievances of the Revenue read as und
ACIT Vs M/s. Mahagun Realtors (P) Ltd, (ITAT Delhi) AO has passed the assessment order u/s 153A of the Act in case of Mahagun Realtors Pvt. Ltd (represented by Mahagun India Pvt. Ltd after amalgamation) despite the fact that the above company has merged with Mahagun India Pvt. Ltd by the order of the Hon’ble […]
Shrinet & Shandilya Construction (P) Ltd. Vs Addl. CIT & DCIT (ITAT Delhi) Once the trading results and books of accounts have been rejected and income is being estimated by applying net profit rate on the declared gross contract receipt, then no other addition is required to be made on account of any other trading […]
As the assessee had discharged his onus by substantiating the manner in which undisclosed income was derived, being the savings of his wife, and had paid the due tax thereon, no penalty proceedings could be initiated against assessee.
JCL Infra Ltd. Vs Addl. CIT (TDS) CGO Complex-I (ITAT Delhi) Severe financial crisis is a reasonable cause which would have prevented the asssessee from depositing the TDS within the prescribed time period. In such a circumstance, we hold that the explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B […]
A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars.
Hemkunt Chemicals Pvt. Ltd. Vs ITO (ITAT Delhi) To decide nature of income received from letting out of property the deciding factor is not ownership of premises but the nature of activity of assessee and nature of operations in relation thereto. As evident from assessees memorandum, objects of the company were to buy, purchase or […]
JRA & Associates Vs ACIT (ITAT Delhi) After perusal of the partnership deed in the assessee’s case it can be seen that the CBDT Circular in Clause 4 has categorically mentioned that even the method of quantification can be accepted as per the provisions of Section 40(b) (v) of the Act. Besides that the Hon’ble […]
