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The yearly payment of lease rentals will be subject to TDS under section 194-I of the Income Tax Act of 1961, according to the Delhi bench of the Income Tax Appellate Tribunal (ITAT). The firm being assessed, Ajnara India Ltd., is in the business of planning and building infrastructure and real estate projects. In order […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
The Delhi bench of the Income Tax Appellate Tribunal( ITAT) stated that Income tax addition u/s 69A could not be on the grounds of doubt. Ms Rano Jain, Adv. &Ms Mnsi Jain, CA appeared for the petitioner and Shri Om Parkash appeared for the respondent. Narender Kumar, the taxpayer opposes the order of Commissioner of […]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench towards appeal stated that penalty does not be levied under Section 44A and 44B Income Tax Act, 1961 when the commission receipt of the taxpayer was less than the threshold limit of the relevant assessment year. The taxpayer is Devki Nandan Bindal who is involved in cheque/ […]
Towards commissions paid to the banks, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the TDS provision would not be applicable. The two-member bench of Saktijit Dey (Judicial Member) and Dr B.R.R. Kumar (Accountant Member) sees that the commission furnished to the partners would not be covered under section 194H of […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the unexplained credit will uphold when there is no proof proving the enhanced amounts that are liable to pay. The taxpayer, M/s. Mahamaya Exports Pvt. Ltd. questioned the Commissioner of Income Tax (Appeals)-31 [CIT (Appeals)] New Delhi, on 20.12.2017 for the assessment year […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench headed via Mr Challa Nagendra Prasad, Judicial Member has discarded the imposition of penalty under section 271(1)(c) without citing a specific charge in the notice issued under section 274. The petitioner, Mr Atul Kumar Bansal has furnished a petition with respect to the confirmation of the imposition […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench headed by Mr N.K. Billaiya, Accountant Member, and Mr N.K. Choudhry, Judicial Member, deleted the penalty levied under section 271(1)(c) as the notice under section 274 was unable to define concealment or provide the wrong particulars of income. In the process of scrutiny assessment of the petitioner, […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the hospitals would be deducted with the TDS beneath section 194J of the Income Tax Act, 1961 towards the payments incurred to the doctors who are involved as retainers and consultants since there would be no component of the employer-employee relationship. The petitioner, […]
