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ITAT Delhi

Difference in stock found during course of survey duly reconciled hence addition u/s 69 unsustainable: ITAT Delhi

March 18, 2024 204 Views 0 comment Print

New Delhi ITAT rules that no addition can be made under Sec 69 if the difference in stock found during survey and recorded in books is reconciled. Detailed analysis of Ultimate Creations Vs ACIT.

Audit report filing in Form 10CCB before due date for filing of return of income u/s 139(1) is not mandatory

March 18, 2024 291 Views 0 comment Print

Delhi ITAT rules on the filing of Form 10CCB before due date per Sec 139(1). Analysis of Sanjay Kukreja vs ACIT case & its impact on deduction u/s 80-IA.

Illogical to Treat Sales as Bogus When Purchases & Stock are Deemed Genuine

March 18, 2024 255 Views 0 comment Print

In Bharat Agro Industries Vs DCIT, New Delhi ITAT questions the logic of treating sales as bogus when purchases are genuine and stock is accepted.

If No Addition Based on Reopening Reasons, Other additions Unsustainable

March 18, 2024 321 Views 0 comment Print

New Delhi ITAT explains that Explanation 3 to Sec 147 can’t justify additions unrelated to reasons for reopening. Read the detailed analysis.

Jurisdiction u/s 153C assumed based on satisfaction note date when date of handing over of material unavailable: ITAT Delhi

March 18, 2024 141 Views 0 comment Print

ITAT Delhi held that in absence of mentioning the date of handing over of material, date of satisfaction note shall be considered for the purpose of assumption of jurisdiction u/s 153C of the Act and completion of assessment thereafter.

Revision order passed u/s. 263 unacceptable as based on reassessment order which itself is unsustainable: ITAT Delhi

March 18, 2024 156 Views 0 comment Print

ITAT Delhi held that once the reassessment order passed by AO is not sustainable in the eyes of law, any revision order passed u/s. 263 of the Income Tax Act seeking to revise such reassessment order cannot be accepted in the eyes of law. Accordingly, revision order passed u/s. 263 quashed.

Payment to related party cannot be disallowed u/s. 40A(2)(b) as AO failed to prove it as unreasonable: ITAT Delhi

March 18, 2024 225 Views 0 comment Print

Trinity Global Enterprises Ltd. vs. ITO: No disallowance under 40A(2) for supervision and risk management charges. Detailed analysis and conclusions provided.

ITAT deletes estimated addition for alleged payment of margin monies

March 18, 2024 87 Views 0 comment Print

ITAT Delhi directs deletion of derivative loss addition, ruling that proper banking channel payments were made. Details of the case explained here.

Eligible unit deduction u/s. 80IA of the Income Tax Act allowable on gross basis: ITAT Delhi

March 18, 2024 111 Views 0 comment Print

Pragati Power Corporation Ltd vs ACIT (ITAT Delhi) case: Analysis of ITAT decision allowing deduction under section 80IA without offsetting losses from other Industrial Units.

No FBT on Travelling & Conveyance where public transport connectivity was absent 

March 18, 2024 138 Views 0 comment Print

Dive into Prakash Industries Ltd vs ACIT case dissected by ITAT Delhi, detailing FBT exemptions for transport services and medical expenses reimbursement, with expert insights.

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