Royal Rubber Works Vs ITO (ITAT Delhi) Undisputedly, the addition based on which the Assessing Officer imposed penalty under section 271(1)(c) of the Act was on account of sundry creditors. While deciding the quantum appeal of the assessee, the Tribunal has deleted the major part of the addition, accepting assessee’s submission that such amount was […]
Closer of capital gain account without NOC of AO, the broad provisions and compliance of law surpass the mere default in not taking prior permission of ITO before closer of account
ACIT Vs Rohit Bal Designs Pvt. Ltd. (ITAT Delhi) Ld. A.O has committed an error by passing assessment order based on standalone basis despite fact that he had full knowledge of amalgamation while making the addition. The Ld. A.O should have considered the effect of amalgamation more so in view of the specific mandate of […]
Held that payment made for usage of rights for the internet and telecom facility doesn’t fall in the nature of work defined u/s 194C and hence TDS not deductible.
Raman Chaudhary Vs ACIT (ITAT Delhi) It is evident, the assesse is an agriculturist. For purchasing some agricultural land jointly, the assessee had availed cash loan from other agriculturists. It is a fact on record that the genuineness of the loan availed by the assessee has been accepted by the departmental authorities. Of course, there […]
Held that as the business has not been set up during the year under consideration all the pre-operative expenditures are not deductible as business expenditure
Addition of CSR expenses to book profit under section 115JB was not justified as AO or assessee, none could tinker with book profit disclosed in audited account and once the accounts had been prepared in accordance with standards in this regard, this tinkering by AO had no sanction of law.
Held that if a loan or advance is given to a shareholder as a consequence of any consideration which is beneficial to the company, in such a case, the advance or loan cannot be said to be a deemed dividend.
ACIT Vs Monnet Ispat & Energy Ltd (ITAT Delhi) As per section 5 (21) of the IBC the dues to the Central Government also fall within the definition of operational debts and in terms of resolution plan as approved by the NCLT of the claims or demands or liabilities or obligations owned or payable to […]
Bigfoot Retail Solution Pvt. Ltd. Vs ACIT (ITAT Delhi) It is observed that the assessee submitted before the Ld. AO/CIT(A) that all telephones are either installed at office premises or used by officers and the employees of the assessee company and that usage of telephone/internet is done by employees for official purposes only. It was […]
