ITO Vs Shivani Gupta (ITAT Delhi) The A.O. in this case noted that assessee has sold the shares of Shilpi Cable Technologies Ltd., and claimed exempt under section 10(38) of the I.T. Act of the impugned amount. The A.O. merely declared this company to be penny stock company without bringing any evidence on record. Though […]
Shiv Kumar Nayyar Vs ACIT (ITAT New Delhi) lthough the assessee in the instant case has not complied to the statutory notice issued by the AO on 5th October, 2016 fixing the case for hearing on 25th October, 2018 which is the basis for levy of penalty u/s 271(1)(b) of the Act, however, ultimately the […]
ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) Reopening invalid When Time Limit for Scrutiny Pending from date of Revised Return Filed under Section 139(5) The first contention raised by assessee invoking rule 27 of the income tax appellate tribunal rules 1963, the contention raised that when the return of income is pending before the […]
ITAT Delhi rules on capital gains vs. business income in Amit Kumar Dey’s case. Details on bonus shares, sale transactions, and CBDT Circular 13.12.2005.
Asessee-bank had not deducted TDS under section 194A in respect of customers who had provided Form No. 15G and 15H as the prime responsibility relating to TDS deduction u/s 201 was of the recipient assessee to pay the tax directly once they filed From No. 15G/15H and any tax liability would be held as pending in recipient assessee’s cases and hence Section 201 of the Act could not be invoked as it was a recovery provision.
Tapas Kumar Mallick Vs ACIT (ITAT Delhi) A perusal of the assessment order clearly shows that the Assessing Officer was carried away by the report of the Investigation Wing and the exparte Ad-Interim order of the SEBI. It can be seen that the entire assessment order has been framed by the Assessing Officer without conducting […]
Maruti Suzuki India Ltd. Vs JCIT (OSD) (ITAT Delhi) The disputes pertain to the sole issue of interest under Section 244A of Income Tax Act, 1961 payable by Revenue to the assessee. Vide impugned appellate order Ld. CIT(A) expressed the view that interest should be given to the assessee under Section 244A of I.T. Act […]
Discovery Estates Pvt. Ltd. Vs ACIT (ITAT Delhi) In the case, the issue in dispute is regarding the head under which rental income is to be taxed. The assessee is earning rental income from commercial malls and offered the same under the head ‘Profit and Gains of Business or Profession’. The rental income has been […]
Garg Zevar Palace Pvt. Ltd Vs ITO (ITAT Delhi) Section 147 mandates that the case can only be reopened after expiry of four years only if there was a failure on the part of the assessee to fully and truly disclose all material facts necessary. The assessee has disclosed the fact of receipt of Rs.60,00,000/- […]
The CBDT vide Circular No.17/2019 dated 08.08.2019 has revised the monetary limit for filing the appeals before the Tribunal to Rs.50 Lacs. Further, CBDT vide letter dated 20.08.2019 has also clarified that Circular No. 17/2019 would be applicable to all pending appeals.
