ITAT held that Satellite transmission services provided by USA based company in India could not be brought to tax by treating the same as royalty income and amendment to the Income Tax Act, 1961 with a retrospective or prospective effect, cannot be read in a manner so as to extend the operation to the terms of international treaty.
Addition on account of undisclosed stock/ production is not justified where no physical discrepancy was found/detected by the survey team and excess value of stock was merely because of difference in valuation of closing stock
As AO has not unearthed any incriminating during the course of search operation under section 132, so no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter, which was already examined earlier during original asses
ITO Vs Shri Deepak Chadha (ITAT Delhi) Mere Doubting Expenditure On Construction Without Evidence On Sole Basis Of Inspector Report Is Invalid In the present case the addition has been made by the ld AO on the basis of mere presumptions. The market value of the flat determined by the ld AO was without any […]
Where corpus donation could not be verified as donor was not co-operating in providing details, it was rightly treated as unexplained cash credit under section 68.
Mr. Satyender Yadav Vs ITO (ITAT Delhi) It is not in dispute that assessee is owner of the Car. The assessee explained that car is sold for cash of Rs.3,21,900/- to Shri Parvender Singh who has executed an affidavit in favour of the assessee, confirming the purchase of the Car. The A.O. did not examine […]
The learned CIT(A) noticed that the assessee has not filed detail of expenses before the Assessing Officer, still he restricted the disallowance for other expenses to 10% of the total expenses without any justification and only on the basis of the magnitude of the disallowance. The learned CIT(A) should have examined the books of accounts along with bills and vouchers to decide the issue of disallowance of other expenses and depreciation.
Emmsons International Ltd. Vs ACIT (ITAT Delhi) Exchange differences on foreign currency transactions in compliance of AS-11 need be considered in the accounts and the losses and profit arising therefrom need to be recognized as such for Income Tax purposes. It is further held that when the Revenue taxed the gains which accrued to the […]
Suman Poddar Vs ITO (ITAT Delhi) The evidences put forth by the Revenue regarding the entry operation fairly leads to a conclusion that the assessee is one of the beneficiaries of the accommodation entry receipts in the form of long-term capital gains. The assessee has failed to prove that the share transactions are genuine and […]
Karan Bhalla Vs ITO (ITAT Delhi) The assessee has given the details of source of the cash which are reproduced in the order of the Ld. CIT(A).However no supporting documents have been filed. The assessee did not produce any independent evidence in support of cash flow statement. No evidence of any amount is received on […]
