Bimla Devi D/o. Shri Phool Chand Vs ITO (ITAT Delhi) The issue under consideration is whether the ex-parte order passed by CIT(A) without discussing merit of the case is justified in law? ITAT studied the matter and state that it is pertinent to note that the CIT(A) has passed ex-parte order and dismissed the appeal […]
ACIT Vs PNB Gilts Ltd. (ITAT Delhi) The issue under consideration is whether diminution or reduction in price of the stock-in-trade can be allowed while computing business income? In the given case, the assessee, PNB Gilts Ltd is a Non-Banking Financial Company (NBFC), filed its return of income declaring total income. The return of income […]
B. M. Sarin Vs ACIT (ITAT Delhi) The appeal filed before us is delayed by 125 days. The assessee received the order of the ld CIT(A) on 15.09.2018, however, the appeal was filed on 18.12.2019. The assessee preferred request for condonation of delay stating that when the order of the ld CIT(A) was received, the […]
Landbase India Ltd. Vs. ACIT (ITAT Delhi) Depreciation on the golf course – Whether depreciation should be allowed considering it as ‘plant and machinery or land or building. Matter: 1. Applicable Rate of Depreciation on Gulf course. Facts of the case 2. The Assessee is a company engaged in the business of operation of golf […]
Since neither AO conducted any enquiry nor had brought any clinching evidences to disprove the evidences produced by assessee and assessee had furnished all details including bank statement, share brokers note, ledger account copies, share certificates, in support of purchase and sale of shares and mode of payment and receipts of proceeds thus, no addition could be made under section 68 as AO had merely relied on investigation wing report without disputing vortex of evidences furnished by assessee.
Nikon Systems Pvt. Ltd Vs ACIT (ITAT Delhi) Admittedly, fire occurred during the year, the traded goods of the assessee are lost during the year due to fire. Such traded goods were the stock in trade of the assessee. Undoubtedly, the traded goods were insured with the insurance Co for any loss due to fire. […]
When the company got back its funds on the same day, it cannot fall into the definition of the deemed dividend.
ACIT Vs Emaar MGF Construction Pvt. Ltd (ITAT Delhi) We find that the assessee is under the obligation to part away with the source of income to the holding company and it was not its volition alone, to give away the revenue that could have been otherwise accrued to them. An agreement entered into by […]
The assessee has written off the assets which were not found/traceable and as the assets were scattered over different areas, the entire exercise of listing of such fixed assets got crystallized during the year and hence, the booking of the expenditure under head prior period expenses of fixed assets, merits to be allowed in the hands of the assessee.
The issue under consideration is that whether the disallowance made by the Assessing Officer on account of assessee’s claim for deduction under section 80IB(10) of the Income Tax Act, 1961 in respect of interest received amounting to Rs.11,10,810/- and other income amounting to Rs. 6,36,746/- is correct or not?
