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Business Expenditure of Holding Companies Allowable Even Without Active Operations: ITAT Delhi in Lifestyle and Media Holdings Ltd. vs DCIT (AYs 2014-15 to 2016-17)
The
assessee, Lifestyle and Media Holdings Limited, a holding company
incorporated to invest in and oversee subsidiaries operating in the non-news
lifestyle media segment, had claimed deduction of routine administrati...
Revision under Section 263 Invalid When AO Takes a Plausible View: ITAT Delhi in Decent Securities (P) Ltd v. Pr. CIT (AY 2017-18)
The
present appeal arose from the second revisionary order passed by the Principal
Commissioner of Income Tax under Section 263 of the Income-tax Act, 1961,
seeking to revise the assessment framed pursuant to earlier ...
Validity of Assessment under Section 153A in Abated Proceedings – ITAT Delhi in ACIT v. Sandur Bypass Projects Pvt. Ltd. (AY 2011-12)
The
appeal was filed by the Revenue against the order of the Commissioner of Income
Tax (Appeals), New Delhi, pertaining to Assessment Year 2011-12, arising from
an assessment framed under Sections 153A read with 143(...
Assessment under Section 153A Without Incriminating Material Is Invalid – Bogus LTCG Addition Deleted by ITAT Delhi in Nitin Johari v. ACIT
The
appeal was filed by the assessee against the order passed by the Commissioner
of Income Tax (Appeals), confirming an assessment framed under Section 153A
read with Section 143(3) of the Income-tax Act, 1961 for As...
Revision under Section 263 Invalid Where AO Conducted Due Enquiry: ITAT Delhi in J.M. Housing Limited v. Pr. CIT (Central), Kanpur
The
appeal before the Income Tax Appellate Tribunal, Delhi Bench, arose from the
order passed by the Principal Commissioner of Income Tax (Central), Kanpur
under Section 263 of the Income Tax Act, 1961, seeking to rev...
Transfer Pricing on Import of Finished Goods: Resale Price Method Upheld as Most Appropriate Method – ITAT Delhi in Luxottica India Eyewear Pvt. Ltd. vs. ACIT
The
appeal concerned the determination of the arm’s length price (ALP) in
respect of international transactions involving the import of finished goods
by the assesse, a full-fledged distributor engaged in the tradin...
Bogus Purchases Cannot Be Added When Sales Are Undisputed: ITAT Delhi Upholds Deletion of Addition in ACIT vs Indure Pvt. Ltd. (AY 2013-14)
The
present appeal was filed by the Revenue against the order dated 07.08.2024
passed by the Commissioner of Income Tax (Appeals), National Faceless
Assessment Centre, Delhi, arising out of reassessment proceedings un...
Assessment under Section 153A vs Regular Assessment under Section 143(3): ITAT Delhi in Gurucharan Singh Hora v. DCIT on Jurisdiction, Search Assessments, and Addition under Section 69A
The
appeal filed by the assessee for Assessment Year 2020-21 arose from an order
passed by the Commissioner of Income Tax (Appeals) / National Faceless Appeal
Centre, Delhi, confirming an assessment framed under Secti...
Reassessment for AY 2015-16 Beyond 1 April 2021 Held Time-Barred: ITAT Delhi Quashes Notice Under Section 148 Following Supreme Court Ruling in Rajeev Bansal
The
appeal was filed by the assessee against the Final Assessment Order dated 11
March 2025 passed under Section 147 read with Section 144C(13) of the
Income-tax Act, 1961, pursuant to the directions issued by the Dis...
Penalty under Section 270A Cannot Be Sustained on a Charge Different from the One Initiated: ITAT Delhi in Umri Pooph Pratappur Tollway Pvt. Ltd. v. ACIT (AY 2018-19)
The
appeal was filed by the assessee against the order passed by the National
Faceless Appeal Centre (NFAC), Delhi, arising from a penalty order imposed
under Section 270A of the Income-tax Act, 1961 for Assessment Ye...