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No addition can be made on Expenses incurred for Purchases of liquor from Licensed Suppliers :ITAT [Read Order]

Aparna. M

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that no addition could be made on expenses incurred for purchase of liquor from...

CAM charges paid by TCNS Clothing liable to 2% TDS u/s 194C: ITAT [Read Order]

S.50C Applicable to Transfer of Capital Asset of Land or Building not to Transfer of Rights: ITAT...

Unabsorbed Depreciation only taken to make adjustment u/s 115JB be Set off Against Current Year Book...

Payment of Electricity Duty Deductible u/s 43B of Income Tax Act: ITAT [Read Order]

Provisions of IBC Overrides All Acts Including Income Tax Act: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the provisions of IBC would override all the acts including the Income Tax Act 1961. The Revenue filed an appeal against...

Statutory Notice should not be Issued in a Casual and Mechanical Manner: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi, has recently, in an appeal filed before it, held that statutory notice should not be issued in a casual and mechanical manner. The aforesaid...

Profit Sharing as per MoU cannot be treated as “Deemed Dividend”: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) in a recent ruling,has held that the profit as per MoU could not be treated as “deemed dividend.” Sanjana RealconPvt. Ltd., the...

CAM Charges subject to 2% TDS u/s 194C of Income Tax Act: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT)has held that the common area maintenance charges would be subjected to 2% of Tax Deducted at Source ( TDS) under Section 194C of ...

Relief to MUFG Bank, Comparable Uncontrolled Price method for ALP bench marking International Transactions not justified: ITAT [Read Order]

In the case of MUFG Bank, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the Comparable Uncontrolled Price method for ALP bench marking international transactions is not...

Disallowance without Identifying Expenses on Rental Income not sustainable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench ruled that disallowance without identifying expenses on rental income not sustainable. This appeal filed by the Revenue is directed...

No Income Tax Penalty u/s 44A and 44B if the Commission receipt falls below Threshold Limit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench recently in an appeal held that penalty would not be imposed under Section 44A and 44B Income Tax Act, 1961 if the commission receipt of assessee...

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