ITAT Delhi rules that reassessment beyond 10 years is void, holding satisfaction note date governs limitation; ₹2.25 Cr addition for AY 2012-13 deleted.
Delhi ITAT restores Silverton Pulp And Papers Pvt. Ltd.’s appeal to the CIT(A) to verify the applicability of Section 56(2)(x)(b) to a disputed agricultural land purchase, where the stamp valuation authority valued it as residential.
Delhi ITAT confirms that a private trust with identifiable beneficiaries is eligible for the capital gains exemption under Section 54F, similar to an individual.
ITAT Delhi directs the exclusion of the Rs. 84.95 lakh Transfer Pricing adjustment from the Book Profits (u/s 115JB), citing the Supreme Court’s ruling in Apollo Tyres Ltd. that the AO cannot tamper with the net profit determined under the Companies Act, except for specified adjustments.
Delhi ITAT allowed an assessee’s appeal, holding that an addition for bogus purchases couldn’t be sustained solely on the supplier’s wrongly reported GST data (Rs. 76.10 lakh).
ITAT Delhi ruled that cash deposits during demonetization, already reflected in the assessee’s books, cannot be treated as unexplained income under Section 68. Entire Rs.53.51 lakh addition was deleted, ensuring no double taxation.
ITAT Delhi Strikes Down Addition: Sale share cannot be treated as an unsecured loan (u/s 68). The tribunal deletes the Rs. 1.41 Cr addition on sale consideration receipt, remanding the s. 54F deduction claim for limited verification.
Tribunal deleted ₹15.20 lakh addition of unconfirmed sundry debtors and limited bogus purchase disallowance to 10%, citing regular books and stock records.
Delhi ITAT dismissed Revenue’s appeal, ruling final assessment on non-resident Sneh Sharma void for AO’s failure to issue mandatory draft assessment order under Section 144C.
ITAT Delhi quashes reassessment (AY 2016-17) and deletes Rs.2.25 Cr LTCG addition after finding that PCIT, not PCCIT, gave the required Section 151 approval.
