ITAT Delhi held that penalty notice under section 271(1)(c) without specifying the limb is vague and ambiguous, accordingly, penalty proceedings not sustainable.
ITAT Delhi held that the income from technical handling services received from ‘International Airlines Technical Pool (IATP) members is not taxable in India as it is covered under Article 8(2) r.w. Article 8(1) of India-France DTAA.
ITAT Delhi held that the receipts from sale of software licenses are not in the nature of royalty income. Also held that, though, such income may be in the nature of business profit, however, no part of which can be attributed to the PE in India.
ITAT Delhi held that provisions of section 194H of the Income Tax Act are not applicable on sells of pre-paid SIM at discounted price to the distributors. Further, as no TDS deductible, disallowance u/s 40(a)(ia) cannot be sustained.
ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as genuineness of transaction and creditworthiness of lender duly proved.
ITAT Delhi held that the receipts from offshore supply of rolling stock (train sets) cannot be taxable in India as the transfer of title over the goods has taken place outside India.
ITAT Delhi held that addition on account of trading loss on sale of tools and dies unsustainable as the loss was incurred for sustainable and longer partnership and the same has given rise to generation of profits in subsequent years.
ITAT Delhi held that addition towards unexplained cash credit under section 68 of the Income Tax Act unsustainable as nature and source of credit duly explained by the assessee.
ITAT Delhi held that there is no justification of adopting lower Fair Market Value (FMV) merely on the basis of DVO report as DVO has failed to consider the specific features of the property commanding higher value.
ITAT Delhi rules on APCA Power Private Limited’s appeal regarding Section 56(2)(viib) of the Income Tax Act. Share premium received from non-resident examined.
