ITAT Delhi orders that absence of a dissolution clause in Trust Deed shouldn’t deny registration u/s 12AA of Income Tax Act in Roop V.K Jain Foundation case.
The assessee is a wholly owned subsidiary of GBT III BV, Netherlands and is engaged in the business of arranging travel for domestic customers within and outside India by facilitating services entailing booking of air tickets, accommodation, cab, conference rooms, catering services, management of corporate events, public relation services etc.
ITAT Delhi held that were sufficient evidence on record that the business activity of the company was still subsisting and the service of the Vice President are indispensable. Accordingly, salary paid to Vice President is allowable u/s. 37(1).
ITAT Delhi held that Compulsory Convertible Debentures are in the nature of borrowed fund and continued to be debt till conversion thereof into shares and consequently interest on Compulsory Convertible Debentures is allowable as revenue deduction u/s 36(1)(iii) of the Income Tax Act.
ITAT Delhi held that deduction under section 54F of the Income Tax Act cannot be denied merely alleging that proportion to the size of plot/ land the constructed portion is very small. As assessee submitted sufficient and all possible documentary evidence, the deduction u/s 54F is allowable.
ITAT Delhi held that adjustment relating to deferred shares considering their value to be equivalent to the value of equity shares upheld as deferred shares can be converted into ordinary shares without any encumbrances.
Explore the ITAT Delhi’s ruling in the Sheetal Mehra vs ITO case, where an inconsistent application of penalty led to its deletion.
A comprehensive review of ITAT Delhi’s ruling on DCIT Vs Saarthak Vanijya India Ltd case, about the viability of reassessment based on retracted statements.
ITAT Delhi rules in favor of Anuj Sood in a case involving jewellery gifted during marriage, prior to a tax search action. Discover details and implications of the ruling.
Delhi ITAT removes penalty on Riyasat Palaces Limited in tax dispute with ACIT, redefining interpretation of inaccurate particulars.
