ITAT Delhi

Income from Cultivation of parent hybrid seed is non agricultural Income and taxable as business income

Pioneer Overseas Corporation Vs. DDIT (International Taxation) [ITAT Delhi]

The income attributable to the operations of developing/producing breeder seeds or hybrid germplasm or parent hybrid seed containing desired traits cannot be treated as agricultural income and should be treated as business income....

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Any company whose principal business is banking or granting of loans and advances will not be attracted by explanation to section 73 of the IT Act, 1961

ITO Vs Bijay Paper Traders & Investments Ltd. (ITAT Delhi)

. In view of the above decision, the company whose principal business is that of granting of loans and advances, may earn a comparatively high income from some other activity in a particular year, merely because the income/loss from share trading in the year under consideration is higher than the interest income,...

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Live payment nexus in routing of income between employer and expatriate personnel must be established so as to attract section 163(1)(c) of Income tax Act, 1961

Pride Foramer S. A. S. Vs ACIT (ITAT Delhi)

In view of the above, the grievance of Pride Foramer against being treated as an agent of the expatriate personnel under section 163 of the Act is found to be of merit and it is accepted as such....

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Section 92 of Income Tax Act,1961 not applicable to advertisement expenditure incurred by assessee, a wholly owned subsidiary of an American restaurant company in India

Mc Donald's (India) Pvt. Ltd. Vs ACIT (ITAT Delhi)

In fact, the assessee has borne part of the advertisement expenditure which was to be borne in full by the Indian franchises. Hence, we are of the considered opinion that section 92 is not applicable with regard to the advertisement expenditure. ...

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Expenditure incurred on modification and renovation of a building before commencement of business is neither allowable U/s. 30(a)(ii) nor section 37

Punj Hospitality Pvt. Ltd. Vs. ITO (ITAT Delhi)

Hon'ble Madras High court in the case of A.Y.S. Paisutha Nadar v. CIT [1962] 46 ITR 1041 (Mad.) had held that section 10(2)(xv) of the Indian income-tax Act, 1922 [section 30(a)(ii) of 1961 Act.] relating to expenditure laid out or expended wholly and exclusively for the purpose of the assessee's business, clearly indicated that the expen...

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AO not justified in adjustment to a international transaction whose arm’s length character is accepted by Transfer Pricing Officer (TPO)

Oracle India (P) Ltd. Vs. ACIT (ITAT Delhi)

The Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Oracle India (P) Ltd. V. ACIT (2009-TIOL-540-ITAT-DEL) (the taxpayer) held that section 40A(2) of the Income-tax Act, 1961 (the Act) overrides the provisions relating to computation of business income only and thus in relation to international transactions...

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Applicability of rule of limitation in respect of appeal filed after an inordinate delay without reasonable cause

Foramer France Vs. DCIT (ITAT Delhi)

Coming to the general proposition regarding condonation of delay, the learned counsel relied on a number of cases, which have already been summarized. In the case of Shakuntala Devi (supra), the Hon'ble Supreme Court held that liberal construction should be placed on the words "sufficient cause" provided that no negligence,...

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For a debt to be classified as bad, assessee has only to write it off as irrecoverable in its accounts

C. B. Richard Ellis Mauritius Ltd. Vs DDIT (International Taxation) (ITAT Delhi)

For claiming any debt as a bad debt, one has to satisfy following two conditions: (1) Debt is written off as bad debt in the Profit and Loss Account by making corresponding entry in the party account. (2) Debt is taken in to account in computing the income of the assessee of the previous year in which debt is written off or in earlier pre...

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Burden to prove the genuineness of the gift is on the Assessee

ITO Vs. Usha Aggarwal (ITAT Delhi)

The financial affairs of both the donors do not evoke confidence that they could have made the gift of large amounts compared to their incomes in a circumstance when their monies were locked up elsewhere. They themselves did not own any immovable property. These facts impinge directly on the genuineness of the gifts also. ...

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If the income is surrendered with the condition that no penalty be imposed, then the AO not justified in imposing the penalty

Raj Rani Mittal Vs. ITO (ITAT Delhi)

In this case, we noted that the Assessing Officer has not brought out any specific charge for which the penalty has been imposed on the assessee under section 271(1)(c) of the Income Tax Act. He has not brought out whether the assessee has concealed the income or whether the assessee has furnished the inaccurate particulars of income. ...

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