ITAT Delhi held that provisions of section 292C of the Income Tax Act is only a deeming provision and the deeming provision cannot be applied mechanically, ignoring the facts of the case and surrounding circumstances.
ITAT Delhi held that as the statutory notice was not served to the correct address, penalty under section 271(1)(b) of the Income Tax Act cannot be levied alleging the non-compliance of the statutory notices.
Krishna Goyal Vs ACIT (ITAT Delhi) In course of assessment proceedings, the assessee has explained the source of deposits in the bank account to be out of the withdrawals made from the very same bank account. However, the Assessing Officer as well as learned Commissioner (Appeals) have partly accepted the explanation of the assessee only […]
Assessee has established on record that it had receipts from sale of agricultural produce, only because some invoices relating to sale are not available, assessee’s claim cannot be More so, considering reasonable quantum of sale proceeds.
ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife.
ITAT held that husband and wife will have equal shares in house property purchased by them as joint owners, wherein, sale deed had been executed and shares of co-owners is not specified.
ITAT Delhi held that notional interest on debit balance of partners account not sustainable in absence of information of diversion of interest bearing borrowed funds for non-business purpose. Further, notional interest cannot be charged for taxing in the partners debt balance specifically when there is no discussion in the partnership deed
ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.
ITAT Delhi held that the social security, insurance, relocation expenses which are in the nature of committed and obligated payments are in the nature of reimbursements and not fee for technical services.
ITAT Delhi held that when debt is taken as part of receipts by the charitable trust, repayment of such debt would be accepted as application of income.
