ITAT Delhi held that giving effect to uncertainty of revenue recognition, income rightly offered to tax on the basis of receipts. Accordingly, addition of income based on accrual basis deleted.
Expenditure incurred on paintings was allowable as revenue expenditure deeming it essential for creating a conducive business environment and accordingly to be construed as expenditure wholly and exclusively incurred for the purpose of business of assessee.
ITAT Delhi held that AO is bound to follow the directions of DRP. Accordingly, final assessment order passed by AO without implementing direction of DRP makes the assessment order void-ab-initio.
ITAT Delhi in case of KBC India Pvt. Ltd. vs. ITO held that equity shares were allotted by the assessee to its holding company at premium and in such a scenario no addition can be made u/s 56(2)(viib) of the Act
Explore the ITAT Delhi ruling on valuation of shares in DCIT Vs Hometrail Buildtech Pvt. Ltd. case for Assessment Year 2015-16. Analysis, implications, and conclusions discussed.
ITAT Delhi held that TDS is required to be deducted under section 192 of the Income Tax Act on the reimbursement of LTC (Leave Travel Concession) /LFC (Leave Fare Concession) and HTC (Home Travel Concession).
In the ITAT Delhi case I.T.O Vs Placid Buildwell Pvt Ltd, the addition u/s 68 was deemed invalid as creditworthiness was proven. Detailed analysis here.
Explore the ITAT Delhi’s ruling on cash deposits during demonetization in the case of Shivam Industries Radheshyam Sharma & Co. Vs ACIT for AY 2017-18.
Mool Chand Aggarwal Vs ACIT (ITAT Delhi) CIT(A) cannot disbelieve cash book only on the ground that ‘generally individuals do not maintain cash book and it is not mandatory to maintain cash book for the individual’.
ITAT Delhi in Preeti Bhardwaj Vs ITO held that AO cannot treat cash deposits as unexplained when assessee has provided the source of cash deposits being cash withdrawals without bringing adverse material.
