VCI Hospitality Ltd. Vs DCIT (ITAT Delhi) Interest expenses on FBT being penal in nature cannot be treated as business expenses Facts- Assessee is a company engaged in the business of hotel operations and marketing activities. Assessee filed its ROI for A.Y. 2011-12 on 30.09.2011 declaring income of Rs.80,67,320/-. The case was selected for scrutiny […]
DCIT Vs NCR Business Park Pvt. Ltd. (ITAT Delhi) This bench is of considered view that there are two kinds of provisions under the Act, one in respect of what is allowable and other in respect of what is not allowable, i.e., they override the provisions. The overriding provisions should first be applied and then […]
India Safari And Tours Ltd Vs DCIT (ITAT Delhi) Apropos issue relating to disallowance of gross income on foreign exchange. On this issue, AO noted that assessee was found to have claimed certain loss on account of foreign exchange fluctuation on revaluation of advances received. He noted that loss was in respect of advances and […]
Akshay Khetter pal Vs ACIT (ITAT Delhi) Conclusion: Penalty u/s 112(a) of the Custom Act was sustainable as penalty was penal in nature and the payment made for discharge of punishment for violation of prohibited acts and/or restriction(s) imposed under the provisions of law, could not be considered as compensatory in natur and not allowable […]
Solitare World Pvt. Ltd Vs ACIT (ITAT Delhi) Loose paper found during search on standalone could not be used as a basis for making the addition without the company of any other supportive material and evidence. Facts- A search and survey operation u/s 132/133A was carried out on 15.10.2013 in SRM group of eases by […]
Dwarka Portfolio Pvt. Ltd. Vs ACIT (ITAT Delhi) Facts- The assessee has challenged the order dated 24/03/2017 passed by CIT(A), wherein an addition of Rs. 18,00,00,000/- made u/s 68 of Income Tax Act by the A.O has been confirmed by the CIT(A) for AY 2014-15. Notably, the assessee Company has been struck off vide Notification […]
SVS Guarding Services Pvt. Ltd. Vs ITO (ITAT Delhi) Facts- The only addition in dispute in this appeal is regarding the additions amounting to total of Rs. 29,52,674/- made u/s 36(1)(va) of Income Tax Act. These payments by way of employees’ contribution to ESI/Provident Fund were deposited by the assessee after the specified date prescribed […]
DCIT (Exemption) Vs Yug Nirman Yojna Vistar Trust (ITAT Delhi) Facts- The assessee is a trust, registered u/s 12A of Income Tax Act. Perusal of assessment order dated 29.12.2016 passed by the Assessing Officer u/s 143(3) of Income Tax Act; shows that registration u/s 12A was granted to the assessee by order dated 01.05.2009 of […]
Where it was discernible from record that the A.O has applied his mind to the issue in question, the ld. CIT cannot invoke section 263 of the Act merely because he has different opinion.
Held that objections of the assessee on reopening of assessment by the AO in the assessment order, these objections were never disposed off in terms of the decision of Hon’ble Supreme Court in the case of GKN Driveshafts (India) Ltd. Vs. ITO [259 ITR 19].
