ITAT Delhi held that imposition of penalty u/s 271(1)(c) of the Income Tax Act on the mere allegation that assessee failed to justify the revenue nature of the expenditure is unsustainable as penalty proceedings are independent of assessment proceedings.
ITAT Delhi held that revenue received towards to distribute the channel to cable operators, DTH operators, hotels, institutions etc. in India is not in the nature of royalty and hence addition not sustainable.
DCIT Vs Aecom Asia Co. Ltd. (ITAT Delhi) ITAT Delhi held that the assessee has rightly offered the Overseas Consultancy Income as fees for technical services under the provisions of section 115A of the Act and the addition made under section 44DA of the Act is liable to be deleted. Facts- The Appellant is a […]
ITAT Delhi held that proportionate disallowance of interest is not warranted, under Section 14A of Income Tax Act for investments made in tax free bonds or securities which yield tax free dividend and interest.
A rectification, on the other hand, can be filed only after assessee receives an intimation u/s 143(1) or assessment order is passed and intimated to the assessee. So rectification application is more appropriate a remedy when assessment is complete and assessee claims on the basis of the assessment record available with the Ld. AO, that there is a mistake apparent in the order arising from the assessment record and same be rectified.
ITAT Delhi held that the deemed valuation of Section 50C of the Income Tax Act cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a buyer.
ITAT Delhi held that it is an admitted fact that TDS is deducted from the salary and the same is not deposited, Governments claim of TDS stands satisfied under CRP. Hence, non-payment of deducted tax by the employer cannot be ground for rejection of TDS credit to the employee.
ITAT Delhi held that there are no evidence or allegation that there is receipt of money over and above sale consideration as disclosed in the sale deed, accordingly addition made on the basis of legal fiction created by section 43CA of the Income Tax Act is unsustainable in law.
ITAT Delhi held that it is settled law that the revenue cannot travel beyond the issues involved in the limited scrutiny cases, except in exceptional circumstances and hence addition confirmed beyond the limited scrutiny case is unsustainable.
ITAT Delhi held that as receipt of an interest subsidy received under the scheme is not income at all and hence the same has to be excluded while computing book profits under section 115JB of the Income Tax Act.
