Assessee has contended that the impugned property had been transferred to her daughter as a gift and therefore charging Long Term Capital Gains applying provisions of Section 50C is bad in law. In its written submission on behalf of the assessee, the learned Authorised Representative of the assessee has contended that the intention of the […]
Revised grounds of appeal were filed by the assessee, which are placed on record. Amongst various grounds of appeal taken by the assessee, main grievance and issue raised by the assessee-appellant before this Tribunal relates to validity of the proceedings under section 148 of the Income-tax Act, 1961
section 2(11) of the Indian Income Tax Act, 1961 specifies as only two class of assets i.e., tangible and intangible assets and within these two classes of assets, assets having same rate of depreciation are prescribed and they fall within the same block.
This is an appeal filed by the assessee against the order dated 7-11-2014 of learned Commissioner (Appeals)-XXVIII, Delhi for the assessment year 2011-12. In this appeal, the assessee has also filed a stay petition seeking stay of the outstanding demand.
In this case the appellant is receiving the material on Freight Prepaid basis (C&F). The foreign shipping companies were charging only the incidental charges like Port charges, Container payment, Stationery charges, License fees, Stamp charges, Bank charges, De-stuffing charges etc.
Bechtel India Pvt. Ltd. Vs ACIT (ITAT Delhi) Hedging forward contracts of foreign currency cannot be marked to market (MTM) on balance sheet date as already there is a underlying asset and there is no extra outgo for settlement of the forward contract other than already determined in the contract and thus there is no […]
Briefly the facts of the case as noted in the assessment order are that in this case assessment for A.Y. 2006-2007 has been reopened after recording satisfaction and obtaining approval of Addl. CIT, Range-25, New Delhi, under section 17 of the Wealth Tax Act.
Select Infrastructure Pvt. Ltd Vs. Addl. CIT (ITAT Delhi) Here in this case, qua the retail space, the assessee was not carrying on any systematic or organized activity of providing service to the occupiers of the shops, albeit other service charges pertaining to the common maintenance, event and advertising, parking fees, etc., has been offered […]
Deletion Of Penalty In Case Of Bonafide Belief Of An Assessee: Especially When The Action Of Assessee Is Supported By Factual Circumstances And A Decision- Section 271 (1)( c) of the Income Tax Act, 1961 deals with the penalty in respect of failure to furnish returns, comply with notices, concealment of income, etc.
If a claim made by the assessee has been allowed at one stage and later on has been disallowed, ostensibly, the assessee can said to have some bona fide belief for making such a claim.
