ITAT Delhi – Mere non-construction of property cannot be a ground to deny benefit u/s 54F. The beneficial nature and the object of the provision is ought to be considered by the Income Tax Authorities
ITAT Delhi held that NAV method adopted by the assessee is one of the recognized methods provided in rule 11UA of the Rules. Accordingly, the addition made u/s. 56(2)(viib) of the Act, is hereby directed to be deleted.
ITAT Delhi declined to condone the inordinate delay of 1005 days in filing of appeal in absence of sufficient cause for delay in filing of the same.
ITAT Delhi held that discounted cash flow method is the recognized method as per section 56(2)(viib) of the Income Tax Act read with rule 11UA of the Income Tax Rules.
ITAT Delhi held that violation of section 40A(3) sustained as the reply provided by the assessee is hypothetical and non-satisfying.
ITAT Delhi held that assessment order passed on non-existing entity (dissolved company) is liable to be quashed as the Assessing Officer has the knowledge of the dissolution of the company.
ITAT find from assessment order that there has been no abnormal cash deposit and assessment order is based on estimation and strange logic and without any legal basis and hence, held to be legally invalid.
Explore the ITAT Delhi ruling on the taxation of on-money received on the sale of agricultural land, examining the exemption and tax implications under the Income Tax Act.
ITAT Delhi held that PCIT is not empowered to invoke revisionary proceedings u/s. 263 of the Income Tax Act, merely because he is not agree with the view taken by the AO. Accordingly, revisionary proceedings bad in law.
ITAT Delhi held that global operation fees cannot be taxed as Fees for Technical Services (FTS) under the provisions of the Act and the India-UK DTAA as it doesn’t satisfy the ‘make available’ clause contained in Article 13(4)(c) of the India-UK DTAA.
