Where assessee had erroneously taken credit for prepaid taxes on account of gross professional receipts as per Form 26AS ; then having regard to Rule 37BA, Revenue would be justified in denying credit for such amount of prepaid taxes which were not assessable during the year on the basis of regular method of accounting followed by the assessee.
DCIT Vs. PES Installations Pvt. Ltd. (ITAT Delhi) In paper book filed before us at page 222, copy of remand report has been placed. Ld. AO observed therein that, mere filing PAN numbers or assessment particulars, VAT returns and copy of sales tax RC etc., do not establish identity of persons. He further notes that actual and true […]
DCIT Vs Avtec Ltd. (ITAT Delhi) Deduction prescribed under section 10AA cannot be treated in the nature of exemption and as such, loss suffered by assessee in its unit eligible for deduction under section 10AA could be set off against normal business income. Keeping in view the fact that section 10AA makes the assessee eligible […]
Addition in respect of completed assessments u/s 153A be made solely on the basis of post search enquiry when no incriminating material was unearthed during search is not valid.
When assessee made it very clear in return of income that she was not maintaining any books of account, then, making addition under section 68 was untenable in law as section 68 was applicable only when credits were found in books of account of the assessee.
Process-cum-Product Development Centre Vs ACIT (ITAT Delhi) Conclusion: Where assessee-society engaged only in imparting research based education/allowable skill training to students in manufacturing of sports goods and leisure equipments without any profit motive to enable them to get placement, it would cover within the definition of education u/s 2(15) and hence, entitled for exemption under […]
Mukta Gupta Vs ITO (ITAT Delhi) Conclusion: Long-term capital gains on sale of shares could not be treated as bogus on the reason that the price of these shares had risen manifolds and the reason for astronomical rise was not related to any fundamentals of market. Once the transactions were duly proved by trading from […]
ITAT Delhi rules on the treatment of surrendered sales outside books, stating only profit is taxable, not the entire sales. Full judgment details.”
Kay Dee Industries Vs JCIT (ITAT Delhi) Since it was not the first year of the payment of commission to the party and the recipient of the commission income was also not related party in terms of section 40A(2), therefore, revenue was only authorized to see whether the expenditure was laid out or by the […]
Where AO was satisfied from the valuation report of the Registered Valuer (approved by the Govt.) for the valuation of property furnished by assessee, he was not mandatory required to refer the matter for valuation of property to DVO.
