Rajat Exports Import (India) Pvt. Ltd. Vs ITO (ITAT Delhi) The AO noted in the assessment order that the DIT (Inv.) in the course of investigation in the case of Shri Mukesh Gupta, Shri Rajan Jassal and Shri Surinder Pal Singh recorded their statements. The assessee was supplied with the seized material at the fag […]
ACIT Vs M/s. Wig Investment (ITAT Delhi) AO has treated not only the gain on mutual funds as business income but also gain on profit and sale of shares as also as business income. Now in view of the CBDT Circular dated 29.9.2016, if shares are held for more than 12 months which have been […]
Advocate Akhilesh Kumar Sah Lord Krishna Dwellers (P) Ltd. Vs DCIT (ITAT Delhi) Lord Krishna Dwellers case: Purchases of land reflected in the seized sale deeds duly recorded in the regular books of account, documents seized relating to same during the course of search cannot be considered as incriminating material, enabling AO to proceed under section […]
ITO Vs Aggregate Finance & Investment P. Ltd (ITAT Delhi) Be that as it may, as adverted to supra, the case of the Ld. AO while recording the reasons was that the assessee derived the income as a provider of bogus accommodation entries. However, the addition was made on account of receipt of share application […]
Where assessee had already paid income-tax on the amount surrendered during the course of survey, it could not be said that the surrendered income was not voluntary and the assessee wanted to conceal the income, therefore, imposition of penalty under section 271(1)(c) was not justified.
Pradeep Jain Vs ITO (ITAT Delhi) In the present case, it is noticed that the AO issued notices u/s 148 and 142(1) of the Act at the address D-60, Noida Authority, Sector-108, Noida. However, the assessment was framed by mentioning the address of the assessee as P-3, Shop No. LGF 20, Krishna Apra Plaza, Sector-18, […]
M/s. Sucon India Ltd Vs JCIT (ITAT Delhi) Loss suffered by assessee on derivative transaction is not speculative loss and as such eligible to be adjusted against business income and Explanation 73 of the Income Tax Act is not attracted. FULL TEXT OF THE ITAT JUDGMENT Appellant, M/s. Sucon India Ltd. (hereinafter referred to as […]
Honda Motor Co. Ltd. Case: Where Reassessment Is Based Only On Allegation That Appellant Has PE In India, Notice Under Section 148 Cannot Sustain Once Arm’s Length Price Procedure Has Been Followed.
ITAT, Delhi held that the subsidy received by the assessee from the subsidy received under the West Bengal Incentive Scheme of 2004 was capital in nature and could not be taxed as revenue receipts.
New Horizon Logiware (P) LTD Vs ITO (ITAT Delhi) AO has discussed the facts in detail and the relevant clauses of the lease deed and also mentioned that the said warehouse was already rented to present tenant (Tupperware) by earlier owner from whom assessee has purchased this building in this year. As per AO, the […]
