ITAT Delhi held that a solitary opportunity of one day to respond to show cause notice is in negation of overriding principles of natural justice accordingly revisionary order passed u/s 263 is liable to be quashed and set aside.
ITAT Delhi held that total allowance of the remuneration (including bonus) to the partners has to be within the permissible limit of provisions of section 40(b) of the Income Tax Act.
ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the same is cleared by a valid declaration under the scheme.
ITAT Delhi held that power incentive granted by the Government of West Bengal is actually given for sole intention of setting up new industry and attractive private investment and hence the same is capital receipts and not chargeable to tax.
ITAT Delhi held that where two views are possible and AO adopted the one which Commissioner doesn’t agree then in such case revision under section 263 of the Income Tax Act not permissible for mere difference of view.
ITAT held that TDS credit shall be given to deductee for Assessment Year (“A.Y.”) for which such income is assessable under Income Tax Act, 1961
ACIT Vs Bhagwati Coal Movers (P) Ltd. (ITAT Delhi) ITAT Delhi held that the ‘Security Premium Reserve’ cannot be regarded as part of accumulated profits under Section 2(22)(e) of the Income Tax Act. Facts- AO observed that the assessee has obtained loan amounting to Rs.5,52,50,000/- from M/s. Ajmala Stationery Ltd. A part of the loan […]
ITAT Delhi held that forward contract was purely hedging transactions entered into by assessee to safeguard against loss arising out of fluctuation in foreign currency, loss on such transactions could not be held as speculative transactions felling within ambit of section 43(5).
ITAT Delhi held that benefit of India-UK DTAA is available to Limited Liability Partnership on the portion of income from Indian engagement.
ITAT held that Interest received under section 28 of Land Acquisition Act, 1894 is not taxable under section 56(2)(viii) read with sections 57(iv) and 145A of Income Tax Act,1961.
