ITAT Delhi quashed revisional order in Havells India Limited Vs PCIT case due to unfulfilled prerequisites for invoking Section 263 of IT Act.
ITAT Delhi in Jubilant Securities Pvt Ltd Vs DCIT case, highlighted the rule that disallowance under Section 14A cannot exceed exempt income
ITAT Delhi in Padam Singhee Vs DCIT ruled that penalties under section 271AAA of Income Tax Act cannot be levied without a recorded statement
ITAT Delhi held that order passed by AO u/s 147 of the Income Tax Act not borne out of any record is non-est in the eyes of law.
ITAT upheld the decision of the Commissioner, who had correctly deleted the addition made by the Assessing Officer. The Assessing Officer had added the differential margin to the assessee’s income based solely on a comparison between industry gross margin and the assessee’s gross margin, without conducting a thorough analysis of the assessee’s business strategy.
ITAT Delhi held that registration u/s 12AA to trust created for managing the statutory obligations of employees of the parent trust is granted as the same falls within the ambit of advancement of general public utility and, hence, to be considered as a charitable activity as defined u/s 2(15) of the Act.
ITAT Delhi held that assessee being a local authority is not engaged in business or earning profit, accordingly, penalty u/s 271B for not getting accounts audited unsustainable.
ITAT Delhi ruling in Maral Overseas Ltd Vs DCIT, asserting that Education cess is non-deductible as an expenditure under Sections 37 and 40(a)(ii) of Income Tax Act.
ITAT Delhi held that the deduction u/s 36(1)(va) of the Income Tax Act can be allowed only if the employees’ share in the relevant funds is deposited by the employer before the due date stipulated in respective Acts.
ITAT Delhi has ordered a fresh adjudication in the case of TSP Engineers Pvt. Ltd. Vs ITO, challenging the addition of a loan amount to the outstanding balance without proper evidence and documentation.
