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ITAT Delhi: Additions Beyond Limited Scrutiny Without PCIT Approval Invalid – Notional Interest on CCDs Not Taxable (Sitac Re Pvt. Ltd. vs DCIT)
Facts of the CaseThe assessee company, Sitac Re Pvt. Ltd., was engaged in the business of installation
and sale of windmill projects, consultancy services related to windmill
projects, and investment in other companies...
ITAT Delhi: Assessment under Section 153C Invalid Where Satisfaction Note is Vague and Assessment Year Falls Beyond Limitation – Aashrya Developers Pvt. Ltd. vs ACIT
Facts of the CaseSearch and seizure operations under Section 132 of
the Income Tax Act, 1961 were conducted on 21.07.2016 at the premises of the M3M Group.During the search proceedings, certain documents
were allegedly...
Reassessment Invalid When Notice u/s 148 Issued to Old Address Despite Updated Address in ITRs – ITAT Delhi Dismisses Revenue Appeal | ITO v. Vibyor IT Consultant Pvt. Ltd.
Facts of the CaseThe Assessing Officer (AO) reopened the assessment of the
assessee based on information received from the Investigation Wing. The
reopening was initiated by issuing a notice under Section 148 of the In...
CNC Metal Forming Ltd. vs ITO – ITAT Delhi: Appeal Dismissed as Not Maintainable Due to Company Under Liquidation | Sections 143(3) & 144 of Income-tax Act
Facts of the CaseThe assessee, M/s C.N.C. Metal Forming Limited, filed appeals
before the Income Tax Appellate Tribunal against the orders of the Commissioner
of Income Tax (Appeals) relating to Assessment Years 2010-1...
ITAT Delhi: Addition for Cash Deposits Deleted When Books of Account Maintained and Source Explained – Rajbir Singh vs ITO (ITA No. 8814/Del/2019) AY 2014-15
Facts of the CaseThe assessee, Rajbir Singh, filed his return of income
declaring a total income of Rs. 15,890 for Assessment Year 2014-15. The return
was selected for scrutiny assessment and statutory notices were iss...
DCIT Vs U & I Business Services Pvt. Ltd. – ITAT Holds Rental Income from Let Out Property Taxable under “Income from House Property”, Allows Deduction u/s 24(a)
Facts of the CaseThe assessee, U & I Business Services Pvt. Ltd., is a
corporate entity engaged in business activities including leasing of
properties. The assessee filed its return of income declaring income which...
ITAT Delhi: Capital Gain Not Taxable in Director’s Hands Where Property Purchased with Company Funds and Included in Block of Assets – ACIT vs Sanjay Jindal
Facts of the CaseThe assessee company, M/s Jindal Roadways Pvt. Ltd., purchased
a residential flat in the year 2007 for use as staff quarters. The property,
however, was registered in the name of the company’s direct...
ITAT Delhi: Foreign Exchange Fluctuation Loss on ECB Allowable u/s 37(1) and Deduction u/s 36(1)(viii) Cannot Be Restricted by Section 80IA – PTC India Financial Services Ltd. vs DCIT
Facts of the CaseThe assessee, PTC India Financial Services Ltd., is a
Non-Banking Financial Company (NBFC) engaged in providing financial assistance
primarily to companies operating in the energy sector.For the Assess...
ESOP Expenditure Allowable as Deduction – ITAT Delhi Follows Biocon Ltd & Lemon Tree Hotels Principles | Pilani Soft Labs Pvt Ltd vs Addl. CIT (ITAT Delhi)
Facts of the CaseThe assessee company, Pilani Soft Labs Pvt. Ltd., engaged in
the business of online technology services, had issued Employee Stock Option
Plans (ESOPs) to its employees. During the relevant assessment ...
PTC India Financial Services Ltd. v. DCIT (ITAT Delhi) – Allowability of Foreign Exchange Fluctuation Loss on ECB, Deduction u/s 36(1)(viii), Depreciation on Windmill & Disallowance u/s 14A read with Rule 8D – AY 2015-16 & 2016-17
Facts of the CaseThe assessee, PTC India Financial Services Ltd., is a resident
corporate entity registered as a Non-Banking Financial Company (NBFC) engaged
in providing financial assistance to companies in the energy...