ACIT Vs Tulip Star Hotel Ltd. (ITAT Delhi) It remains an undisputed fact that the assessee was incorporated on 10.09.1987, made investments in V. Hotels Ltd, which had acquired Centaur Hotel in Mumbai from the Government intending to revive the business of such hotels, but in view of legal dispute with regarding to Centaur Hotel […]
DCIT Vs Jaguar Buildcon Pvt. Ltd. (ITAT Delhi) We find that there is no dispute that the assessee has received share application money from six companies, out of which, from three companies assessee has received premium for sums aggregating to Rs.103,80,00,000/-. In the case of Ganesh Buildcon Pvt. Ltd., Feelgood Creation Pvt. Ltd., and Beyond […]
Vedvan Consultants Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground is directed against the addition of Rs.94,33,788/- u/s 36(1)(va) of the Income Tax Act, 1961. Brief facts as noted from the impugned order are that an addition u/s 36(1)(va) has been made by the DCIT, CPC, Bangalore on account of delay in depositing the […]
Niho Construction Limited Vs DCIT (ITAT Delhi) Assessee claimed 100% Depreciation on Mobile Phones, each of which cost less than Rs. 5,000/-. But Assessing Officer (AO) restricted the depreciation to 15%, treating them general plant & Machinery. Assessee approached ITAT and AO argued that List of items on which 100% depreciation is allowed is specifically […]
Barring private equity partners (India) private limited Vs ACIT (ITAT Delhi) If the Assessee select the option to received Interest on Non-Convertible Debenture at maturity but showing yearly interest in P/L account but offered to tax at the Maturity then AO cannot raise objection. The assessee had subscribed to 7500 NCDs of Rs. 1,000/- each […]
Indian Geotechnical Services Vs ACIT (ITAT Delhi) Conclusion: Deduction on payment of employees contribution towards PF/ESI made before the due date of filing Income Tax Return under section 139(1) was allowable as the amended provisions of section 43B as well as 36(1)(va) were not applicable for the assessment year under consideration. Held: Assessee raised the […]
Suraj Pulses Pvt. Ltd. Vs PCIT (ITAT Delhi) We find that as far as the reasons recorded, though there is a specific mention about amount of 20,50,000/- received by way of accommodation entry, however neither there is any mention from whom the assessee had received the amount nor what is the nature of the entry […]
Integlobe Aviation Ltd. Vs ITO (ITAT Delhi) The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the bonafide assessee is not liable to pay the interest on the amount of shortfall in tax deducted at source (TDS). The Assessee, M/s. Interglobe Aviation Ltd. claimed that short deduction in case of M/s. Federal Travel […]
Vedvan Consultants Pvt. Ltd. Vs DCIT (ITAT Delhi) 1. In view of what has been discussed above and following the decision rendered by the Hon’ble jurisdictional High Court in case of CIT vs. Bharat Hotels Ltd. (supra), we are of the considered view that the assessee company is not entitled for deduction of Rs.4,29,110/- u/s […]
Smt. Abha Bansal Vs. Pr. CIT (Central) (ITAT Delhi) Taxability of the compensation received by the assessee for non-delivery of the Villa under Builder-Buyer Agreement The compensation received by the assessee on cancellation of the Builder-Buyer Agreement is capital receipt and taxable as capital gains. The view of the A.O. was, therefore, in accordance with […]
