ITAT Delhi held that addition under section 68 of the Income Tax Act unsustainable in as much as identity, creditworthiness of the creditors and genuineness of the transaction duly proved by the assessee.
In present facts of the case, the Hon’ble Tribunal held that expenses made pertaining to Club Membership fees shall be allowed as business expenditure.
ITAT Delhi held that reassessment order u/s 147 of the Income Tax Act against a non-existent entity is bad in law and vitiated & nullity.
ITAT Delhi held that addition made by the A.O. in the absence of any incriminating material found during the search operation conducted u/s 132 of the Income Tax Act is liable to be deleted.
ITAT Mumbai held that reasonable amount of addition should be made in case of bogus purchase. Accordingly, CIT(A) has justifiably made addition on the reasonable estimate basis @ 5% of the bogus purchase.
ITAT Delhi held that reopening of assessment under section 147 of the Income Tax Act unjustified in absence of failure on the part of the assessee to disclose fully and truly all the material facts.
ITAT Delhi held that penalty u/s 271D of the Income Tax Act is without any satisfaction and, therefore, no such penalty can be levied. Accordingly, penalty u/s 271D quashed.
Addition on account of unexplained investments under section 69 could not be made as whatever deposits were made were either out of the past savings or from the loans taken from relatives.
Explore the significant ruling by ITAT Delhi in the case of Mohammad Saleem Vs ITO, stating that the Assessing Officer cannot perform a second assessment on the same issue within the same assessment year.
ITAT Delhi held that failure to call for DVO report and discrediting the valuation report of the assessee without substantial reasons is unsustainable and bad in law.
