The ITAT Delhi deleted income additions on alleged bogus loans and donations, ruling that a defective sanction for reopening an assessment beyond four years invalidates the entire proceeding.
ITAT Delhi deleted a ₹10.75 crore addition on old unsecured loans, ruling that tax authorities cannot tax existing liabilities as fresh income without evidence of bogus transactions.
The ITAT Kolkata deleted an addition under Section 69 and a tax addition under Section 56(2), ruling that a taxpayer’s salary account was a valid source for property investment.
The ITAT Ahmedabad accepted a developer’s project completion accounting method, deleting a Rs. 2.24 crore addition made by the AO for alleged profit suppression.
ITAT Chandigarh directs the Assessing Officer to verify if the assessee paid a portion of GST before the return due date to allow deduction under Section 43B.
ITAT Delhi rules that cash deposits made during demonetization from recorded cash sales are not unexplained income, deleting an addition under Section 68.
The ITAT Delhi deleted a Rs. 3.36 crore addition for bogus sundry creditors, ruling that the addition was invalid as the assessee’s purchases and sales were not disputed.
The ITAT Delhi dismissed the Revenue’s appeals against Asian Consolidated Industries, upholding the CIT(A)’s decision to allow deductions and reject the application of Section 44AD.
The ITAT Delhi has quashed a reassessment notice against Durga Agencies Pvt. Ltd., citing a procedural error where the notice lacked proper sanction from the specified authority under Section 151(ii).
Delhi ITAT upholds a ₹305 crore tax addition against Mallard Securities Pvt. Ltd., citing the company’s failure to prove the genuineness of cash credits.
