Tag: ITAT Delhi

Penalty levied for late supply of goods is an allowable deduction u/s 37 as late supply neither a crime nor a prohibited activity – ITAT In a recent judgment, ITAT Delhi has deleted addition made u/s 37 of Income Tax Act on account of penalty due to late …

Order u/s 127 quashed as PCIT having jurisdiction over non corporate assesee could not have transferred case of a corporate assessee to another AO In a recent judgment ITAT has quashed assessment as PCIT having jurisdiction over non corporate assesee could not have assumes jurisdiction to transfer a …

Expenses incurred on ESOP are allowable as revenue expenditure u/s 37(1) of Income Tax Act – ITAT Delhi In a recent judgment, ITAT Delhi has held that expenses of ESOP is considered as allowable u/s 37(1) of the Act and mere admission of SLP before Supreme Court would …

ITAT allows depreciation on highway project awarded on DBOT basis In a recent judgment, ITAT Delhi allows depreciation on highway DBOT project rejecting the argument that assessee was not the owner of the road constructed by it and ownership of the asset is sine qua non for claiming …

When foundation of reopening does not survive, no addition can be made in respect of other issues – ITAT In a recent judgment, ITAT Delhi has held that when the very foundation of reopening does not survive, no addition can be made in respect of other issues based …

Under percentage completion method, selling/Admin costs are allowable despite no revenue declared as per guidance note of ICAI. In a recent judgment, ITAT Delhi has held that under percentage completion method, selling costs like advertisement, business promotion and commission expenses are allowable despite that assessee had not declared …

AO cannot use reverse computation of gross payment using TDS amount to determine the amount disallowable u/s 40(a)(ia) – ITAT In a recent judgment, ITAT Delhi has held that the AO cannot resort to reverse mechanism using TDS amount to determine the gross amount of payment to workout …

When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative details available – ITAT  In a recent judgment, ITAT Delhi deleted GP rate addition holding that the value of each item traded may differ and cannot be taken …

Every provision invoked casts a different sort of onus on the assessee – ITAT deleted addition u/s 69 towards bogus purchases – ITAT In a recent judgment, ITAT Delhi has held that every provision invoked casts a different sort of onus on the assessee and assertion that merely …

When AO invoked provisions of section 37(1) to disallow purchases, provisions of section 69C of the Act are not applicable In a recent judgment, ITAT Delhi has held that when AO did not raise any doubts about the source of such purchases but invoked the provisions of section …