ITAT Delhi deletes an unexplained investment addition, ruling that the assessee provided sufficient documentary evidence to prove the source of funds for a property purchase.
The Delhi ITAT has ruled that a penalty cannot be imposed when income is based on estimation. It deleted penalties on a taxpayer where cash deposits were assessed as estimated business profits, not unexplained income.
Tribunal holds cash deposits of ₹1.25 crore matching turnover in books cannot be treated as unexplained income u/s 69. Revenue’s appeal dismissed.
Tribunal rules reassessment notice by Jurisdictional AO after 29.03.2022 invalid under Faceless Assessment Scheme; all proceedings quashed.
ITAT Delhi has annulled a tax reopening against RMP Holdings Pvt. Ltd., citing improper sanctioning authority and a lapse in the statutory time limit.
The ITAT Delhi has deleted a ₹8.79 lakh addition, ruling that cash deposits in a joint bank account were properly explained as the wife’s income.
ITAT Delhi deletes disallowance of ₹23.71 lakh, ruling that foreign exchange loss on business advances is an allowable business expenditure for Sitac Re Pvt. Ltd.
TAT Delhi Remands Rs 82 Cr 153C Additions, Terms CIT(A) Order Mechanical; Rubber-Stamping Not Allowed: ITAT Delhi Quashes Non-Speaking CIT(A) Order in 153C Case
ITAT Bangalore ruled that an AO cannot re-initiate assessment after a PCIT ‘sets aside’ an order without providing fresh directions, quashing a cash deposit addition.
The ITAT Delhi ruled in favor of an assessee, stating the AO cannot reject a Discounted Cash Flow (DCF) valuation report merely because future projections didn’t match actual performance.
