The allegation of AO that the opening stock of assessee was an unexplained income of the assessee as such stock in trade was not in existence seem to be unsustainable because why a person would show and on accounted opening stock of the magnitude of ₹ 51,000,000 just to on a meager net profit of ₹ 875,000/–.
Honda Motorcycle & Scooter India Pvt. Ltd Vs DCIT (ITAT Delhi) With respect to the TP adjustment to the export commission, which is claimed by the assessee that it is intrinsically, looked that the main activity of manufacturing and sale of products and as such could not be identified separately for benchmarking. It is also […]
Duggal Estates Pvt. Ltd. Vs ITO (ITAT Delhi) From the reasons it can be seen that the Assessing Officer was not specific as to on what basis the Assessing Officer has the reason to believe that the income of the assessee to the tune of 1 crore has escaped assessment. In fact, in one para […]
DLF Universal Ltd Vs DCIT (ITAT Delhi) Ld AO has applied 0.5% of investment of Rs. 53.51 crores whereas the ld CIT(A) restricting 0.5% only Rs. 30.84 holding that balance investment of approximately Rs. 22 crores was made in the subsidiary companies and there was no intention of earning any dividend income. The ld CIT(A) […]
ACIT Vs. K. S. Chawla & Sons (HUF) (ITAT Delhi) > HELD THAT:- In the present assessee’s case, search & seizure action u/s 132 of the Act was carried out on 15.10.2009 in the premises of Mr. Abhinav Arora and Mrs. Ranju Arora. Consequently, the Assessing Officer initiated reassessment proceedings u/s 147 of the Act […]
Shri Shyam Sunder Infrastructure (P) Ltd. Vs ITO (ITAT Delhi) Conclusion: Since assessee produced sufficient documentary evidences before AO to prove the identity of the Investor Companies, their creditworthiness and genuineness of the transaction and no evidence had been brought on record by AO to disprove the same, hence addition made under section 68 was […]
Since in the financial statement for the relevant year (F.Y. 11-12), the auditor had made a clear disclosure that no revenue had been recognized on account of services rendered to SBI despite having incurred a cost of Rs. 3.2 crore and moreover, as per the matching ‘principl
Crown International Vs ACIT (ITAT Delhi) There is no dispute on the amount as well as of the fact that the adjacent plot was used for parking space by the shop orders. The only reason is that there was no legal obligation on the assessee to provide a parking space to the shop owners and […]
VSR Enterprises Vs ITO (ITAT Delhi) Assessing Officer in the instant case has recorded incorrect/wrong and non-existing reasons in the reason for reopening of the assessment and has not applied his mind to the information received from REIC, Ward 43(4)(New Delhi). Therefore, the reopening of the assessment is illegal and bad in law and is […]
BSC C&C Kurali Toll Road Ltd. Vs DCIT (ITAT Delhi) The issue under dispute is with regard to availability of depreciation to the assessee whether it is to be allowed keeping the right to collect toll fee as intangible assets or it to be treated as building or plant & machinery as held in the […]
