The ITAT Delhi sets aside a Rs.1.03 Cr addition to a trader’s income, ruling that the creditor balance cannot be taxed under Section 68 when the AO accepts the substantial volume of sales and corresponding purchases.
ITAT Delhi allows NRI’s appeal in Chirag Kirpal Vs ACIT, ruling that the Jurisdictional AO (JAO) lacks the power to issue a Section 148 notice after the Faceless Reassessment Scheme (s.151A) took effect.
The ITAT Delhi sets aside over ₹1112 Cr in tax additions in Enormous Nivesh Pvt. Ltd. Vs ACIT, ruling that Section 56(2)(viia) applies only to the ‘transfer’ of shares, not the ‘fresh allotment’ (issue) of shares, which is governed by Section 56(2)(viib).
ITAT Delhi held that regular assessment order passed under section 143(3) of the Income Tax Act without aid of section 153C despite satisfaction note from AO of searched person is not supportable in law. Thus, assessment framed u/s. 143(3) is void ab-initio.
ITAT Delhi set aside an unexplained cash addition of ₹3.5 Lakh, ruling in favor of the assessee who received a gift from her adult daughter. The court accepted the daughters creditworthiness and the genuine nature of the transaction.
ITAT Delhi dismissed Revenue’s appeal against Satya Prakash Gupta regarding an addition of ₹1.61 crore for alleged bogus Short Term Capital Loss, as tax effect was below CBDT’s monetary limit.
ITAT Delhi sets aside reassessment, ruling the PCIT’s ritualistic S. 151 approval for S. 148 notice invalidates the proceedings; “mechanical approval is fatal.”
ITAT Delhi deletes ₹11.54 crore addition on loan transactions, ruling the S. 147 reassessment invalid and confirming “suspicion is not proof” for genuine loans.
Delhi ITAT rules reassessment valid due to Assessee’s HC undertaking, but deletes Rs. 8.31 Cr addition, finding Revenue failed to prove raw material purchases were bogus.
ITAT Delhi dismisses Revenue appeal, holding an investor’s LTCG from stock exchange transactions as genuine, reaffirming “suspicion is not substitute for proof.”
