The ITAT Delhi has deleted a ₹25,000 penalty under Section 271A, ruling that F&O turnover for a trader should be calculated based on ICAI’s guidance, not the Assessing Officer’s method.
Delhi ITAT rules that disallowance of expenses under Section 14A cannot exceed the actual exempt dividend income, providing relief to KEI Industries.
Delhi ITAT quashed a ₹20 crore tax addition against Karan Motors, ruling the assessment void as the AO lacked a valid jurisdictional order.
Delhi ITAT deletes ₹3.54 lakh TDS demand on a property buyer, ruling that the lower TDS rate certified by tax authorities was correctly applied.
ITAT Delhi dismissed an appeal from a gaushala society, upholding the denial of its income tax exemption due to the lack of mandatory registration under Section 12AA.
Mumbai ITAT rules that an addition under Section 43CA cannot be sustained without a reference to the Departmental Valuation Officer (DVO), especially when the taxpayer specifically requests it. This case highlights the importance of fair valuation in property transactions.
The ITAT Delhi quashed the reopening of an assessment for Rudra Buildwell Homes Pvt. Ltd., citing a lack of proper sanction. It also deleted a Rs. 20.25 crore addition, noting it constituted a double taxation.
The ITAT Delhi has ruled that an entire amount of accommodation entries cannot be taxed. It reduced the commission rate to 0.4% in the case of a taxpayer.
ITAT Mumbai rules that 100% disallowance of alleged bogus purchases is unsustainable. The court directs taxing only the profit element after adjustments.
Additions made under section 69A against assessee for Assessment Years (AYs) 2011-12 to 2018-19 was deleted as proceedings initiated on the basis of seized documents which did not mention assessee’s name were unsustainable.
