Commission paid against Guarantee by Directors is not deductible u/s 37(1) if the payment was not in terms with RBI Guidelines: ITAT Delhi
In Eastman Industries Ltd v. ACIT, the Delhi ITAT held that a Company is not entitled to get deduction under Section 37(1) of the Income tax Act in respect of commission paid to its directors
Block Assessment without Valid Search Warrant is Invalid: ITAT Delhi [Read Order]
In ACIT v. K.G Finvest Pvt Ltd, the division bench of the Delhi ITAT held that block assessment u/ss 153A/153C of the Income Tax without serving a proper and valid search warrant is invalid. In
2% TDS u/s 194C deductible on Advertisement Charges: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench that TDS on advertisement charges should be deducted under section 194C at the 2% and not 194J at the rate of 10%. The assessee, Perfect Probuild P.
Relief to Good Year India: ITAT allows Deduction of Advertising Expenses though Brand is owned by Its Affiliates
In a major relief to Good Year India, the Income Tax Appellate Tribunal (ITAT), Delhi has allowed the Company’s plea to allow advertisement expenses incurred for the brand promotion. The assessee company is engaged in
Once Bogus Purchase is Sold then entire amount can’t be added as Unexplained Cash Credits: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that once a bogus purchase is sold than the entire amount cannot be added as Unexplained cash credits. The assessee, Brij Resources Pvt. Ltd. is a
Mere Search Statement Recorded from Third Parties 5 years ago not Relevant for Framing Current Assessment: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that mere search statements recorded from third parties 5 years ago would not be relevant for framing the current assessment year. The assessee,Jagat Jewels,
No Addition of Share Application Money be made if enquiries conducted have not been confronted to Assessees: ITAT deletes addition of Rs. 36 Cr against Bhushan Group [Read Order]
In a major relief to Sur Buildcon, BBN Transportation, and Goldstar Cement, the Income Tax Appellate Tribunal (ITAT), Delhi bench while deleting the addition of Rs. 36 Crores ruled that the no addition of share
Mitsui India isn’t a DAPE of Mitsui & Co. so no further profit could be attributed: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that Mitsui India Pvt. Ltd. (MIPL) is not a Dependent Agency Permanent Establishment (DAPE) of Mitsui & Co. so no further profit could be attributed. The
Bonafide Assessee not liable to pay the interest on amount of shortfall in TDS: ITAT grants relief to Interglobe Aviation [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the bonafideassessee is not liable to pay the interest on the amount of shortfall in tax deducted at source (TDS). The Assessee, M/s. Interglobe
Income Tax Deduction benefit for Developers can’t be denied merely because of Delegation of some formalities to another Entity: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has recently held that the income tax deduction shall not be denied to the assessee, a cooperative society of Sahara India group and is engaged in the
Rent from Fit-out Hire Charges are Business Income If there is Two Separate Agreements: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income received from Fit-out Hire Charges would constitute “business income” under the income tax law. The assessee is in the business of “IT
Jewellery Collected by Woman in a Married Life of 25-30 Years is Not Abnormal Act: ITAT deletes Addition on Unexplained Gold[Read Order]
The Income Tax Appellate Tribunal (ITAT) of Delhi bench directed the Assessing Officer (AO) to delete the addition since collecting jewellery by a woman in a married life of 25-30 years is not an abnormal
Relief to Havells India: ITAT deletes disallowance of  sales incentive payable to dealers and distributors under “Shahenshah Scheme” [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, while granting relief to Havells India, deleted the disallowance of sales incentives payable to dealers and distributors under the Shahenshah Scheme. The assessee, Havells India Ltd, had
Interest received from Swiss Bank Account can’t be Taxed in India since the same is not mentioned in DTAC: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has recently deleted the income tax addition made by the Assessing Officer in respect of the interest received from the Swiss Bank Account for the reason that
Income from Mutual Fund and Interest from Income Tax Refund is Taxable as ‘Other Income’: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income from mutual fund and interest received from the income tax refund shall be taxable as “income from other sources” for the purpose