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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...
ITAT Delhi: ACIT vs Vistaar Religare Films Ltd – Treatment of Film Production Loss and Box Office Collection under the Income Tax Act
Facts of the CaseThe assessee, Vistaar Religare Films Ltd., New Delhi, was
incorporated as a Special Purpose Vehicle (SPV) for the production of a film
titled “Officer Office.” The project was jointly undertaken wi...
ITAT Delhi: Foreign Exchange Fluctuation Loss on ECB Restatement Allowable as Business Expenditure u/s 37(1) – Addl. CIT vs PTC India Financial Services Ltd.
Facts of the CaseThe assessee, PTC India Financial Services Ltd., is a
Non-Banking Financial Company (NBFC) engaged in providing financing to
companies operating in the energy sector.For the Assessment Years 2015-16 an...
Garv Udyog vs Income Tax Officer – ITAT Delhi: Addition Cannot Be Made Without Proper Evidence under Section 68 of the Income-tax Act
Facts of the CaseThe assessee Garv Udyog was subjected to assessment
proceedings by the Assessing Officer under the Income-tax Act, 1961. During the
course of assessment, the Assessing Officer examined certain financia...
DCIT vs Alpha G. Corp Development Ltd – No Disallowance u/s 14A for Strategic Investments without Exempt Income | ITAT Delhi (ITA No. 6049/Del/2015)
Facts of the
CaseThe assessee,
Alpha G. Corp Development Ltd, had made investments in group or subsidiary
companies primarily for strategic business purposes. During assessment
proceedings, the Assessing Officer invo...
ESOP Compensation Allowable as Revenue Expenditure u/s 37(1) and Section 14A Disallowance Restricted to Investments Yielding Exempt Income – ITAT Delhi in DCIT vs Info Edge India Ltd.
Facts of the CaseThe assessee, Info Edge (India) Ltd., introduced an Employee
Stock Option Plan (ESOP) for its employees as part of the employee compensation
policy. Under the scheme, employees were granted stock optio...