‘Gupt Daan’,a secret gift regarding unexplained cash in a Religious Trust locker was pertaining to RNB Temple Trust and was already brought on record to the extent of Rs.1,79,00,000/- which was evident from the Balance Sheet submitted.
ITAT Delhi held that the interest on compensation or on enhanced compensation cannot be considered as compensation and shall be chargeable to tax under the head income from other sources. Accordingly, appeal dismissed.
It was submitted of behalf of assessee that the appeal filed by the Revenue is hit by recently issued CBDT Circular No.09 of 2024 dated 17.09.2024 revising the previous thresholds pertaining to tax effects.
In the matter abovementioned ITAT Delhi vitiated penalty proceedings after examining that non mentioning of charge for which penalty is to be levied makes the notice as much defective as non striking of irrelevant clauses in the notice.
Among the documents seized contained information pertaining to the Assessee and AO recorded his satisfaction that those documents have bearing on the determination of total income of the Assessee.
The matter was remanded back to AO to review the non-taxability of interest from Fixed Deposit Receipts (FDRs) as part of the Corpus Fund under Section 11(1)(d) and and the decision of CIT(E) in respect of the condonation application in filing Form 10B belatedly.
Assessee claimed to have submitted details / documents / explanation as required by AO for the purpose of assessment in the case of assessee under section 143(3) during the course of assessment proceedings.
ITAT Delhi rules only actual income from bogus sales/purchases can be taxed. Disallows additions exceeding declared income. Key insights into tax assessment process.
Mechanical approval under Section 153D invalidates assessment orders, per ITAT Delhi in Kavita Jain vs DCIT. Analysis of procedural lapses and judicial precedents.
The company contended that the satisfaction note required to initiate the assessment under section 153C was recorded by AO only on January 18, 2021, making the search year AY 2021-22.
