In HIM Restaurants Private Limited Vs ITO, the Delhi Income Tax Appellate Tribunal (ITAT) upheld tax additions, confirming the rejection of books of account under Section 145(3) due to the assessee’s failure to produce evidence and discrepancies in its financial reporting.
ITAT Delhi annuls tax assessments on Nanak Chand Tayal, ruling that the blanket, mechanical approval under Section 153D was invalid and against judicial precedents from Delhi and Orissa High Courts.
Delhi ITAT restores Silverton Pulp And Papers Pvt. Ltd.’s appeal to the CIT(A) to verify the applicability of Section 56(2)(x)(b) to a disputed agricultural land purchase, where the stamp valuation authority valued it as residential.
The Delhi Income Tax Appellate Tribunal (ITAT), in Shelender Kumar Jain Vs ACIT, has ruled against making adhoc disallowances on verified business expenses.
ITAT Delhi quashes reassessment orders against three companies. The court ruled that an AO cannot rely solely on a retracted statement to initiate reopening proceedings.
Bombay HC set aside high-value SCNs issued without prior consultation. Upholding binding CBIC Circulars, Court ruled that pre-consultation is mandatory for tax demands exceeding ₹50 lakhs, citing SC precedents.
ITAT Delhi deleted Rs.8 lakh penny stock addition u/s 68. AO relied only on Investigation Wing report. Tribunal rules addition cannot be made without independent verification.
ITAT Delhi reduced a Rs.11.47 lakh demonetization cash addition to Rs.47,000/− for a senior citizen. Cites Madras HC ruling limiting S. 115BBE rate to transactions after 01.04.2017.
Learn the steps to apply for the Power Loom RCMC through DGFT.gov.in. Required documents include PAN, GST, and IEC. Certificate is valid for 5 years and takes 5-7 days for approval.
The ITAT deleted all additions and the consequential penalty, dismissing the Revenue’s appeal. It upheld the CIT(A)’s deletion of ad-hoc bogus expense additions after verifying evidence under Rule 46A.
