Tag: ITAT Delhi
In a recent judgment, ITAT Delhi has set aside penalty u/s 271(1)(c) and remanded the matter to CIT(A) for mistake of assessee not disclosing Long Term Capital Gain LTCG on the land comprised in the block of Factory Building sold. Case Law Details: ITA No. 5939/Del./2013 : Asstt. Year : 2009-10 …
In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard notified u/s 145 of Income Tax Act, 1961, provisions should be made for all known liabilities and losses even though the amount cannot be determined with certainty and …
In a recent judgment, ITAT Delhi has allowed depreciation on UPS at the higher rate of 60% allowable at computers following Delhi High Court judgment that computer accessories and peripherals such as, printers, scanners and server etc. form an integral part of the computer system and cannot be used without the …
In a recent judgment, ITAT Delhi has interpreted the objective and scope of invoking revisionary powers of Commissioner of Income Tax (CIT) under section 263 of the Income Tax Act, 1961 as under: The provisions of section 263 cannot be invoked to correct each and every type of …
In a recent judgment, ITAT Delhi has stated that a concluded assessment can not be reopening u/s 147/148 based on a retrospective amendment in Law as there could not be any failure on the part of the assessee to disclose fully and truly all material facts. Case Law Details: ITA Nos. …
Writing “Yes, I am Satisfied” establishes non recording of proper satisfaction/approval before issue of notice u/s 148 No sooner than a week after, holding that merely writing “yes” or “approved” and affixing signature by CIT) was not the required satisfaction (ITA No. 5311/Del/2013 dated 07/04/2016), ITAT delhi Bench …
In a recent judgment, ITAT Delhi has held that Knowledge Process Outsourcing Services (KPO Services) provider could not be be considered as a comparable for benchmarking international transactions entered into by an entity rendering business process outsourcing (BPO) services including collections/call centre services and other back office support services for …
In a recent judgment, ITAT held that the word ‘erroneous’ in section 263 includes the failure to make an inquiry when circumstances would make such an enquiry prudent. Also order passed without applying the principles of natural justice or without application of mind are fall in the same category. …
In a latest judgment, ITAT Delhi has held that post office is not an agent of the assessee. Notice u/s 143(2) dispatched to post office on the last date of limitation period can not be deemed to be the date of service of notice to the assessee. Case Law Details: …
In a recent judgment, ITAT Delhi following Pepsi Foods (P) Ltd case has granted stay beyond 365 days in a re-fixed appeal for clarification, holding that the delay was not attributable to the assessee. Case Law Details: S.A.-211/Del/2016 (In ITA No.-1681/Del/2015) AY: 2010-11 D.E.Shaw India Advisory Services Pvt.Ltd vs. DCIT …
