Geodis Overseas Pvt. Ltd. Vs DCIT (ITAT Delhi) We find, the AO, in the instant case, disallowed depreciation on goodwill on the ground that the assessee has not become the sole logistic service provider to IBM India, the value of workforce does not facilitate the smooth carrying on of the business of the assessee and […]
AO had recorded wrong, incorrect and non-existing reasons for reopening of the assessment. It made clear that there was a total non-application of mind on the part of AO while recording the reasons for reopening of the assessment. The reasons failed to demonstrate the live link between the alleged tangible material and the formation of belief that income chargeable to tax had escaped assessment. Thus, reopening of the assessment was invalid and bad in law.
Sajan Kumar Jain Vs. DCIT (ITAT Delhi) Issue of Scrutiny Notice U/S 143(2) After Issue of Notice U/S 142(1) Invalid Where Valid Return U/S 139 already Filed on Record ITAT held that we are inclined to quash the assessment order dated 29.12.2017 framed u/s 143(3) of the Act for want of jurisdiction as notice issued […]
Delhi Call Centre Private Limited Vs DCIT (ITAT Delhi) The only objection to the allowance of depreciation by the Lower Authorities is that the assessee could not produce copy of purchase invoice of the vehicle. It is undisputed that the Department has allowed interest on vehicle loan as well as has also allowed the expenditure […]
WGF Financial Services Pvt. Ltd. Vs ACIT (ITAT Delhi) The assessee is engaged in the business of financing which included lending, advancing money, standing guarantor etc. and in its ordinary course of business, the assessee gave guarantee to the borrowings made by CIPL. As per the Agreement, CIPL was supposed to transfer shares held by […]
Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi) Consolidated Issue of Notice In Search Case For Different Assessment Years Makes Entire Assessment Order Invalid We have heard both the parties and perused all the relevant material on record. From the perusal of the notice issued u/s 153A r.w.s. 153C/143(2) of the Act, it is a […]
USG Buildwell Pvt. Ltd. Vs Additional CIT (ITAT Delhi) The Ld. DR submitted that the disallowance u/s 37 on account of additional payment for purchase of land was righty made as the assessee could not establish his case as the expenditure was incurred without any substantial evidence produced before the Assessing Officer to that effect […]
Sungrow Impex Private Limited Vs ITO (ITAT Delhi) Conclusion: CIT had recorded his satisfaction for reopening of the assessment in a most mechanical manner without considering even the assessment records or the return of income filed by assessee and his satisfaction appeared to be in a ritualistic and formal rather than meaningful. Therefore, such approval […]
Only those investments which had yielded dividend income for computing the average value of investments would be considered for the purpose of computing the amount of disallowance u/s 14A.
Sarita Singh Vs Addl. CIT (ITAT Delhi) Section 273B of the I.T. Act provides that no penalty shall be imposable on the persons or the assessee as the case may be for any failure referred to in section 271D of the I.T. Act, if he proves that there was a reasonable cause for the said […]
