ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was deleted and remanded.
ITAT Delhi held that interest and dividend earned from co-operative banks qualify for deduction under Section 80P(2)(d). Totgar’s ruling was held inapplicable on the facts.
ITAT Delhi held that circle rate-based land valuation is valid for determining FMV under Section 56(2)(viib) and deleted the addition following its earlier order.
ITAT Delhi quashed a Section 153C assessment, holding that a consolidated and defective satisfaction note invalidated jurisdiction and the assessment.
ITAT Delhi held Section 68 cannot apply to sale proceeds of disclosed investments already recorded in books. Revenue’s appeals were dismissed.
ITAT Delhi held Section 68 inapplicable where shares were disclosed in an earlier year and sale proceeds were already offered as income, avoiding double taxation.
ITAT held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on overdue AE receivables.
ITAT held that negative cash balances do not automatically establish undisclosed income and upheld addition only to the peak negative balance.
ITAT held that expenditure on a permanently abandoned project is deductible as revenue expenditure and deleted the related additions.
ITAT held that the limitation under Section 153C must be reckoned from the date the jurisdictional AO receives seized material, not the search date.
