Pawan Hans Helicopters Ltd. Vs DCIT (ITAT Delhi) The facts in the instant case that the helicopters were acquired in 1986-87 and the assessee has been claiming the depreciation since then has not been in dispute. The AO has allowed the depreciation on helicopters in the earlier assessment years. This fact is also not disputed […]
Pushp Steel and Mining Private Ltd. Vs PCIT (ITAT Delhi) The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisionary jurisdiction under section 263 of the Income Tax Act, 1961 can be exercised in a very gross case of inadequacy in inquiry by Assessing Officer subject to the pre-requirements provided […]
In our considered view, the date of allotment is relevant for the purpose of computing holding period and not the date of registration of conveyance deed as held by the Hon’ble Jurisdictional High Court of Delhi in the case of K. Ramakrishnan 48 com 55
Niyant Heritage Hotels [P] Ltd Vs I.T.O (ITAT Delhi) There Is no dispute that the assessee is running a resort at Raj Niwas Palace, Dholpur. It Is also not In dispute that being a tourist place, the occupancy is not throughout the year but only in seasons favourable to the tourists. Therefore, basis the revenue […]
New Vision Net to Home (P) Ltd Vs ITO (ITAT Delhi) The assessee noticed the error in its computation of fringe benefits and moved a rectification application which was denied by the AO who was of the opinion that the online filed ITR cannot be rectified u/s.154. We have carefully considered the grievance of the […]
ACIT Vs S.P. Singla Construction P. Ltd. (ITAT Delhi) Income Tax Act, 1961, Section 68 Conclusion: In present facts of the case, the Hon’ble Tribunal dismissed the Revenue appeal under Section 6 of the Income Tax Act and held that that assessee discharged its initial onus to prove the identity of the Investors, their creditworthiness […]
ACIT Vs Punjab & Sind Bank (ITAT Delhi) The issue in the present ground is with respect to the disallowance of contribution to Punjab & Sind Bank Employees Pension Fund Trust under Section 36(1)(iv) of the Act r.w. Rule 87 & 88 of the Income Tax Rule, 1962. We find that identical issue arose before […]
Suresh Bansal Vs DCIT (ITAT Delhi) Basing on the CBDT instruction No 1916 dated 11/5/1994 and while referring to the answer to question No. 10 in the statement of the assessee recorded at the time of search and seizure, Ld. AR submitted that out of the total gold of 590 g, learned Assessing Officer only […]
Nokia India Pvt. Ltd. Vs ACIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal observed trade incentive to distributor, trade discounts and issuance of handsets on Free of Cost as business expense. Facts: The assessee company filed its return of income on 30.11.2013 declaring total income at Rs.5,35,77,93,880/-. Later, the return […]
Harish N. Salve Vs ACIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal held that providing scholarships to students in foreign university is a business expenditure. Facts: Assessee is an Advocate by profession and is stated to derive income from Business, Capital Gain and Other Sources. Assessee filed his return of […]
