The ITAT Delhi ruled that Section 68 (unexplained cash credits) cannot be invoked against journal entry adjustments where no cash or equivalent funds flowed into the assessee’s account. The ₹10.51 Cr addition was deleted.
Delhi ITAT confirms that an AO cannot disallow purchases of Rs.3.82 Cr as bogus (Adventure Resorts And Cruises Pvt. Ltd.) without rejecting the books of accounts under Section 145.
ITAT Delhi quashes the assessment for Carissa Investment Pvt. Ltd., holding that an AO who ignores a previously accepted correct address forfeits the presumption of valid service.
The ITAT Delhi sets aside a Rs.1.03 Cr addition to a trader’s income, ruling that the creditor balance cannot be taxed under Section 68 when the AO accepts the substantial volume of sales and corresponding purchases.
ITAT Delhi allows NRI’s appeal in Chirag Kirpal Vs ACIT, ruling that the Jurisdictional AO (JAO) lacks the power to issue a Section 148 notice after the Faceless Reassessment Scheme (s.151A) took effect.
The ITAT Delhi sets aside over ₹1112 Cr in tax additions in Enormous Nivesh Pvt. Ltd. Vs ACIT, ruling that Section 56(2)(viia) applies only to the ‘transfer’ of shares, not the ‘fresh allotment’ (issue) of shares, which is governed by Section 56(2)(viib).
ITAT Delhi sets aside reassessment, ruling the PCIT’s ritualistic S. 151 approval for S. 148 notice invalidates the proceedings; “mechanical approval is fatal.”
ITAT Delhi deletes ₹11.54 crore addition on loan transactions, ruling the S. 147 reassessment invalid and confirming “suspicion is not proof” for genuine loans.
Delhi ITAT rules reassessment valid due to Assessee’s HC undertaking, but deletes Rs. 8.31 Cr addition, finding Revenue failed to prove raw material purchases were bogus.
ITAT Delhi dismisses Revenue appeal, holding an investor’s LTCG from stock exchange transactions as genuine, reaffirming “suspicion is not substitute for proof.”
