ITAT Delhi

AO cannot reconsider Grounds of Addition negated by Appellate Forums

Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi)

Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi) We find that first of all, the Assessing Officer in the impugned assessment order has simply made the addition on the ground that assessee during the course of survey has offered sum of Rs.20 lacs towards investment in furnishing and in equipments in showroom over and above the […]...

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No penalty on cash loan from Parents and Brother for buying House for Family

Sonia Malik Vs JCIT (ITAT Delhi)

In the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, I am of the considered opinion that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B will come to the rescue of the assessee as ...

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Reassessment without notice u/s 143(2) was bad in law & cannot be revised u/s 263

M/s. Supersonic Technologies Pvt. Ltd. Vs PCIT (ITAT Delhi)

Since no notice under section 143(2) had been issued for completion of the re-assessment proceedings, therefore, the re-assessment order itself was bad in law and the same could not be revised under section 263. ...

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Trading loss on sale of old stock allowable: ITAT Delhi

Narain Jewels International Ltd. Vs DCIT (ITAT Delhi)

Since the stock sold was very old, it was not strange to sell them at reduced rate and AO had no authority to compel assessee as to at which rate, assessee had to make sale of its goods, hence, deduction of trading loss on sale of stock was allowable....

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Initiation of penalty not valid if AO fails to record satisfaction for the same

ACIT Vs M/s. International Cars & Motors Ltd (ITAT Delhi)

Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)...

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Cash payment in excess of prescribed limit on bank/public holidays

Surya Merchants Ltd. Vs DCIT (ITAT Delhi)

Cash payments in excess of Rs. 20,000 made on bank/public holidays towards purchase of construction materials in the activity of real estate development could not be subjected to disallowance under section 40A(3) in view of rule 6DD(J)....

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Sec. 68 addition to be made in hands of share applicant for unexplained investment

ASR Wines [P] Ltd Vs ITO (ITAT Delhi)

Where AO was of the view that a shareholder of assessee-company had no means to make the subscription of share capital, AO could have asked the source of investment from the shareholder and if the source was not properly explained, addition could have been made in the hands of shareholder as unexplained income but no addition could be mad...

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S. 153A Assessment barred by limitation if order served after limitation period

Pankaj Sharma Vs DCIT (ITAT Delhi)

Assessment made by AO under section 153A was was barred by limitation as though assessment order was dated 28-3-2013, however, it was served on assessee on 18-4-2013, i.e., after expiry of period on which assessment order was liable to be time-barred as per section 153, i.e., 31-3-2013. ...

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Cash gifts & presents against section 40A(3) provisions not allowable

Ms. STEAG Energy Services (I) Pvt. Ltd. Vs ACIT (ITAT Delhi)

Assessee was not entitled to claim gifts and presents given to the customers by way of cash as business expenditure as the same was against the provisions contained u/s 40A(3)...

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AO cannot treat LTCG as bogus without any supporting evidence

Mohit Hora (HUF) Vs ITO (ITAT Delhi)

Where sale and purchase of shares had taken place only through banking channel at Bombay Stock Exchange and were supported by contract note, income from long term capital gain (LTCG) on sale of listed equity shares after payment of STT were rightly claimed as exempt u/s 10(38) and AO was precluded in making addition of LTCG as unaccounted...

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