he factum of issuance of notice within time is to be proved on query by the authority whose jurisdiction is challenged for want of The aggrieved party cannot be asked to lead negative evidence in support of its claim.
Unsigned And Undated Paper Found During The Search With No Corroborative Evidence. Not Recording Of The Satisfaction By AO: Whether Additions To The Income Can Be Made?
Hon’ble Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure.
ITAT Delhi held that as to whether a transaction is entered into at an Arm’s Length Price or not must depend upon the facts of each case relating to the transaction per-se i.e. the transaction itself as the profit is only a possibility of the desired result with or without the aid of international transaction.
ITAT held that compensation received for loss of business activity is a capital receipt as it is injury to the profit making apparatus and not the loss of profits. Therefore, in the present case , non-supply of land by supplier which was to be used by the consortium was injury to profit making apparatus and hence capital receipt.
ITAT Delhi held that the renovation made by the assessee company is in the nature of permanent structure by way of Brick Wall partitions, panelling of Aluminium , Flooring etc. which cannot be covered under current repairs as provided in s. 30 of IT Act, 1961.
ITAT Held that Section 14A of Income Tax Act,1961 cannot be invoked, where no regular activities were undertaken by the Assessee in respect of the investments to earn exempt income and no change in the investments during the year?
From the working submitted by the Appellant, it is evident that the value of each share is worked out at Rs. 40,616/-. Thus, apparently, higher share premium of Rs. 39,900/- is justifiable because of limited number of shares of the assessee company who are actual owner of assets of worth more than Rs. 60 crores.
Merely because of the fact that assessee is a CEO of a multinational company mistake cannot be treated as false because in case of a person holding senior position such like mistake oftenly crept in as invariably person holding high position use to delegate the computation work to file the return of income to a Chartered Accountant
The ITAT Delhi in the above cited case held that the need , rendition and benefit test for services availed by the assessee from associated enterprises should be applied having regard to the assessee’s business and not in a generic manner. TPO should have given due thought to the requirements ,benefits and manner of rendition of services by AEs before jumping to the conclusion that
