ITO Vs. Facor Power Ltd. (ITAT DELHI) AO made addition on account of interest earned on FDRs put in bank for procurement of capital asset by holding that no such capital assets is acquired by assessee during the year under consideration.
ITAT Delhi held in Ambience Hotel & Resort Pvt. Vs CIT that if the AO had done his assessment ignoring the provisions of the IT act and TPA and ignoring the examinations/inquiry then that assessment was erroneous
ITAT held in Almora Urban Co-operative Bank Ltd Vs ITO that TDS was not required to be deducted when co-operative society pays interest to its members as per sec 194A(3).
ITAT held in Envogue Wood Working Pvt Ltd Vs ACIT that if the assessee had taken and repaid the loan in cash and provided the sufficient reasonable cause of doing such then penalty u/s 271D & 271E would not be imposed.
ITAT Delhi held in Executive solutions Pvt Ltd Vs ITO that reasonable opportunity of being heard should be given to the assessee as per the principle of natural justice irrespective of the fact the number of times opportunity of being heard had already been given to the assessee.
The ITAT New Delhi in the case of Mitsubishi Corporation India has ruled that the non-discriminatory clause is not applicable only for the limited purpose of transfer pricing adjustments and other additions to income can be removed by taking benefit of non-discriminatory clause of India-Japan DTAA.
We find that there is no concept of deferred revenue expenditure under the Income Tax Act except under certain specific, provisions like section 35D. Therefore, unless statutory provision is there to defer the revenue expenditure over a period
Section 194A (3) (b) Imposes duty on a co-operative society engaged in banking to deduct TDS where amount exceeds Rs. 10,000/-, whereas section 194A (3) (v) grants specific exemption to cooperative societies where payment made by it to members or to another co-operative society.
It is a general presumption that, expenditure in acquisition of assets is a capital expenditure there by not eligible for deduction u/s 37 (1) of the IT Act (However depreciation is allowed as per IT Rules) The honorable CIT (A) failed to note the difference in the nature of the soft-wares as dealt in Maruti Udyog Ltd. vs Deputy Commissioner Of Income Tax
The decision of the case is based on the verdict by Apex Court of India in the case of TRF Limited Vs CIT, [323 ITR 397 (SC)] Where Honorable Court has held that, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable.
