The Oriental Insurance Co. Ltd. Vs DCIT (ITAT Delhi) The assessee is aggrieved by the action of the AO in making a disallowance of Rs 56,59,609/- on account of Provision made for Standard Assets. It was submitted that as per the scheme of taxing income of the assessee is to be computed as per provisions […]
McCANN Erickson (India) Pvt.Ltd. Vs ACIT (ITAT Delhi) we find that the Ld.CIT(A) has relied upon the amendment in the statute. However, the Co-ordinate Bench of this Tribunal after having considered the amendment held in the case of Ashapura Minichem Ltd. vs ADIT 131 TTJ 291 that till 08.05.2010, “the prevailing legal position was that […]
Sahara India Life Insurance Co. Ltd. Vs ACIT (ITAT Delhi) AO made the addition on the basis of tax audit report where it was mentioned that an amount of Rs. 31,63,861/- towards leave encashment unpaid is disallowed u/s 43B. The CIT(A), following the orders of his predecessor for preceding so many assessment years, deleted the […]
Global Health Private Limited Vs DCIT (ITAT Delhi) A plain reading of section 45(2) makes it amply clear that it is the prerogative of the assessee to covert the capital asset to stock. Further, the term ‘Business carried on by him’ necessarily means that the capital asset so converted must form part of stockin-trade of […]
Vinay Kumar Dhingra (HUF) Vs ITO (ITAT Delhi) Contention of Assessee: 1. The assessee fulfills all conditions specified u/s. 10(38) 2. Though the purchase of securities are off market, the sale of shares was made online on which STT has been duly paid. 3. The shares were held for approximately 18 to 20 months 4. […]
Delhi Police Welfare and Recreational Club Fund vs. CIT (ITAT Delhi) We have gone through the record in the light of the submissions made on either side. Insofar as the nature of activity of promotion of welfare and recreational activities of the police personnel, by its nature, is concerned, Ld. CIT(E) does not dispute whether […]
Avtar Krishen Jalla Vs ITO (ITAT Delhi) As per the provisions of Section 54, the assessee has to utilize the amount deposited in the capital gain account for the purpose of purchase or construction of the new asset within the specified time for availing the benefit of capital gain. Here the assessee has made payments […]
ITAT Delhi ruling on Amarjeet Kaur vs ACIT case. Disputed capital gains on property sale. Appeal outcome explained.
A.T. Kearney Ltd. Vs ADIT (ITAT Delhi) The Income Tax Appellate Tribunal (herein after referred to as “ITAT”), Delhi Bench vide it’s Order dated 20.05.2021 have observed that the assessment completed under Section 144C(13)/143(3) of the Income Tax Act, 1961 (herein after referred to as “Act”) is barred by limitation as Section 144C of the […]
All the interest bearing funds had been utilized towards interest bearing advances and this was evident from the balance sheet whereby interest bearing loan was Rs. 3,03,50,275 against which, interest bearing advances were Rs. 3,41,00,000 i.e. more than the amount borrowed. No disallowance could be made under section 36(1)(iii) as the amount borrowed on interest had been used specifically and exclusively for advancing amounts of interest for the purposes of earning income.
