Whether the Indian subsidiary of the assessee constitutes Permanent Establishment (PE) of the assessee in India on account of ‘signing, networking, planning and negotiation of offshore supply contracts in India’? If yes, whether any profit is attributable to the same, and the quantum thereof?
ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi) The assessee-company explained that it has closed down its Aurangabad unit due to heavy losses suffered by the assessee-company. The assessee-company in this year has declared loss of Rs.4.34 crores in the return of income and after making addition as well, the net taxable loss have […]
The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evidence.
ITAT held that the excess jewellery found in the case of assessee, his parents, his wife, their children and the HUF was very nominal, and was very much reasonable, keeping in mind the riches and high status and more customary practices.
Non-debiting of the expenditure in the books of account is not relevant for allowability of the same as long as the expenditure is really incurred and is deductible as per law
That the Learned Commissioner of Income Tax (Appeals) -2, New Delhi has erred in deciding the appellate proceedings by confirming the additions made by the learned Assessing Officer without providing a reasonable opportunity to the appellant to submit and substantiate his claim on the additions made by the Learned Assessing.
Shri Arun Kumar Jain Vs. ITO (ITAT Delhi) The A.O. noted that as per Section 54(2) of the I.T. Act, the amount of capital gain, which is not utilized by him for the purchase of new asset before the date of furnishing the ITR under section 139, shall be deposited by him, before furnishing such […]
The above two appeals filed by the assessee are directed against the order dated 30.04.2005 passed by CIT(A)-41, New Delhi confirming the order passed by the Assessing Officer u/s 201 (1) and 201 (1A) of the I. T. Act for the A.Y. 2011-12.
DCIT Vs M/s Dynamic Transmission Limited (ITAT Delhi) With regard to addition of Rs. 63,66,574/- on account of job work charges u/s. 80IC of the I.T. Act, 1961 is concerned, we note that the AO has observed that deduction u/s. 80IC is available only in respect of articles or things manufactured by itself in its […]
Question of disallowance under section 40A(3) would not arise, where assessee had not claimed the payments as expenditure, while computing its business income.
