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ITAT: Exemption u/s 54 Cannot Be Denied When Entire Capital Gain Is Reinvested in New House Property Even Without Deposit in Capital Gains Account Scheme – Nilanjan Chaudhari v. ITO
Facts of the CaseThe assessee, Nilanjan Chaudhari, filed his return of income
for Assessment Year 2013-14 declaring total income after claiming deduction
under Section 54 of the Income Tax Act on account of long-term c...
Malik Network & Computer Pvt. Ltd. vs ITO (ITAT Delhi): Invalid Notice under Section 153C – Assessments Quashed due to Lack of Jurisdiction and Absence of Incriminating Material
Facts of the
CaseMalik Network
& Computer Pvt. Ltd. filed its return of income for Assessment Year 2008-09
declaring a nominal income which was processed under Section 143(1) of the
Income Tax Act, 1961. Subseque...
ITAT Delhi: Wrong MAT Tax Entry in Return Treated as Bogus Claim; Demand Upheld Despite Non-Service of Intimation – ITO vs Apex Recycling Pvt Ltd
Facts of the
CaseThe assessee, Apex
Recycling Pvt. Ltd., filed its return of income for Assessment Year 2008-09
declaring regular income of ₹7,45,029. Tax payable under normal provisions was
computed at ₹2,23,505...
DCIT vs Alpha G. Corp Development Ltd – No Disallowance u/s 14A for Strategic Investments without Exempt Income | ITAT Delhi (ITA No. 6049/Del/2015)
Facts of the
CaseThe assessee,
Alpha G. Corp Development Ltd, had made investments in group or subsidiary
companies primarily for strategic business purposes. During assessment
proceedings, the Assessing Officer invo...
ITAT Delhi: Disallowance of Employees’ PF/ESIC Contribution u/s 36(1)(va) – Matter Remanded to AO for Determining Due Date Based on Actual Salary Disbursement | Harbir Singh vs ITO (ITA No. 541/Del/2023)
Facts of the CaseThe assessee, Harbir Singh, filed an appeal before the Income
Tax Appellate Tribunal (ITAT), Delhi Bench, against the order passed by the
Commissioner of Income Tax (Appeals), National Faceless Appeal ...
ITAT Delhi: No Profit Attribution to Alleged Dependent Agent PE When Indian AE Remunerated at Arm’s Length – Adobe Systems Software Ireland Ltd. vs ACIT
Facts of the CaseThe assessee, Adobe Systems Software Ireland Ltd., a tax
resident of Ireland, filed its return of income for Assessment Year 2016–17,
declaring income taxable at a special rate.During the assessment ...
ITAT Delhi: Penalty u/s 271D Not Leviable for Cash Advance Received Before Amendment to Section 269SS – Rajni Kant Jha vs ITO (ITA No. 446/Del/2023)
Facts of the CaseThe assessee, Rajni Kant Jha, sold an immovable property for a
total consideration of Rs. 28.10 lakhs. Out of this amount, Rs. 23.10 lakhs was
received in cash as advance in April 2015.The Assessing Of...
Transfer Pricing – Comparable Company Cannot Be Excluded Solely on Low Turnover if Functionally Similar | Ameriprise India Pvt. Ltd. vs ACIT (ITAT Delhi)
Facts of the CaseThe assessee, Ameriprise India Pvt. Ltd., is a wholly owned
subsidiary of Ameriprise USA, which is engaged in financial planning, asset
management, brokerage, and pension advisory services. The Indian ...
Advance Received on Agreement to Sell Agricultural Land Cannot Be Treated as Sale Consideration Without Transfer of Possession – ITAT Delhi in Mahesh Kumar vs ITO (AY 2014-15) | Section 2(47)
Facts of the CaseThe case was reopened by the Assessing Officer on the basis
that the assessee had deposited cash of ₹37,70,000 in his bank account during
Financial Year 2013-14 relevant to Assessment Year 2014-15.Du...
ITAT Delhi: Benefit of Section 11 Cannot Be Denied When Registration under Section 12AA Granted During Pending Assessment – Maa Bhagwati Charitable Trust vs ITO (ITA No. 2123/Del/2023)
Facts of the CaseThe assessee, Maa Bhagwati Charitable Trust, filed its return
of income for Assessment Year 2016-17 declaring Nil income. The case was
selected for scrutiny by the Assessing Officer (AO). The trust was...