During the scrutiny assessment proceedings, the AO made an estimated addition to the household drawings as the assessee did not provide a plausible reply to justify the expenses considering their family’s constitution and standard of living.
ITAT Delhi held that TDS not deductible u/s 195(1) on the reimbursement of mobilization and demobilization cost to the holding company. Accordingly, disallowance u/s 40(a)(ia) unsustainable.
ITAT Delhi held that addition towards payment of stamp duty in cash is not sustainable as source of income such as tuition income, interest income and rental income which is converting to in cash since 20 to 25 years and she is continuously filing her return of income with the department.
ITAT Delhi held that the reassessment notice issued under Section 148 is clearly time barred owing to non compliance conditions prescribed on 1st proviso to Section 147 of the Act. Accordingly, re-assessment proceeding is illegal and without jurisdiction.
ITAT Delhi case where Catvision Ltd was wrongfully demanded Dividend Distribution Tax by the AO despite timely payments.
ITAT Delhi nullifies Section 271B penalty on Parag Jain, asserting that only difference in non-delivery derivative transactions should be taken into account when determining turnover for a tax audit.
ITAT Delhi held that maintenance charges not connected to the rental income cannot be considered as part of rental income. Accordingly, maintenance charge collected is taxable as business income.
ITAT Delhi held that addition u/s 69 of the Income Tax Act towards unexplained investment untenable as source of investment made by the appellant stands sufficiently explained.
ITAT Delhi held that as per provisions of section 44 of the Income Tax Act there is no requirement of head wise bifurcation while computing income u/s 44 in case of insurance company. Thus, provisions of section 14A are not relevant to make a disallowance.
ITAT Delhi allows INX News Pvt Ltd to claim a business loss, asserting the Assessing Officers failure to comprehend the nature of the companys business activity.
