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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...
ITAT Delhi: Additions u/s 68 and 69C Invalid When AO Travels Beyond Scope of Limited Scrutiny – Shivalik Educational & Placement Services Pvt. Ltd. vs ACIT
Facts of the CaseThe assessee, Shivalik Educational and Placement Services (P)
Ltd. v. ACIT, is a company engaged in providing educational and placement
related services. The case pertains to Assessment Year 2015-16.Du...
ITAT: Exemption u/s 54 Cannot Be Denied When Entire Capital Gain Is Reinvested in New House Property Even Without Deposit in Capital Gains Account Scheme – Nilanjan Chaudhari v. ITO
Facts of the CaseThe assessee, Nilanjan Chaudhari, filed his return of income
for Assessment Year 2013-14 declaring total income after claiming deduction
under Section 54 of the Income Tax Act on account of long-term c...
Malik Network & Computer Pvt. Ltd. vs ITO (ITAT Delhi): Invalid Notice under Section 153C – Assessments Quashed due to Lack of Jurisdiction and Absence of Incriminating Material
Facts of the
CaseMalik Network
& Computer Pvt. Ltd. filed its return of income for Assessment Year 2008-09
declaring a nominal income which was processed under Section 143(1) of the
Income Tax Act, 1961. Subseque...
ITAT Delhi: Wrong MAT Tax Entry in Return Treated as Bogus Claim; Demand Upheld Despite Non-Service of Intimation – ITO vs Apex Recycling Pvt Ltd
Facts of the
CaseThe assessee, Apex
Recycling Pvt. Ltd., filed its return of income for Assessment Year 2008-09
declaring regular income of ₹7,45,029. Tax payable under normal provisions was
computed at ₹2,23,505...
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...
ITAT Delhi: Disallowance of Employees’ PF/ESIC Contribution u/s 36(1)(va) – Matter Remanded to AO for Determining Due Date Based on Actual Salary Disbursement | Harbir Singh vs ITO (ITA No. 541/Del/2023)
Facts of the CaseThe assessee, Harbir Singh, filed an appeal before the Income
Tax Appellate Tribunal (ITAT), Delhi Bench, against the order passed by the
Commissioner of Income Tax (Appeals), National Faceless Appeal ...