ITAT Delhi held that addition in Income Tax proceedings is liable to be set aside as the addition was made on the basis of the finding of Central Excise Department which was eventually decided in favor of the assessee.
Indo British Garments P. Ltd. Vs ACIT (ITAT Delhi) The solitary issue in this appeal is that the assessee has capitalized the said expenses in their financial statements and treated the same as royalty and claimed the same as revenue expenditure in the computation of income. The AO held that since the assessee itself has […]
ITAT Delhi held that benefit u/s 54 of the Income Tax Act duly available the amount equivalent to the capital gains has been utilized for acquisition of new house
Assessee claimed deduction u/s. 10B of Income Tax Act in its return of income instead of section 10AA. This can be a human error while preparing E-return.
ITAT Delhi held that typographical error is to be rectified by filing a rectification application under section 154 of the Income Tax Act and not by preferring an appeal.
ITAT Delhi held that forfeited for loss of commission or short sales cannot be disallowed as TDS deduction against the same is paid by the appellant in the respective financial year.
Narender Kumar Vs ITO (ITAT Delhi) Undisputedly, in course of assessment proceeding, the assessee had explained the source of cash deposits in the bank account by stating that it was out of gift received from his grand-father Shri Phool Singh. The Assessing Officer, however, has rejected assessee’s claim as the notice issued under Section 133(6) […]
Sanjiv Kumar Mittal Vs PCIT (ITAT Delhi) On appraisal of the evidences placed before us, we find that vide notice dated 10.08.2018 specific queries were raised by the AO in relation to the issue raised for the purposes of limited scrutiny, i.e., ‘Payment of tax in cash during demonetization period’. In response, the assessee has […]
Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never acts as […]
In case of Bogus Purchases, the entire purchase cannot be disallowed but the disallowance can be restricted to the profit element embedded in Bogus purchases.
