ITAT Delhi ruled reassessment invalid as the primary addition forming the basis for reopening was deleted, nullifying other additions under Sections 68 and 69.
The ITAT Delhi deleted income additions on alleged bogus loans and donations, ruling that a defective sanction for reopening an assessment beyond four years invalidates the entire proceeding.
ITAT Delhi deleted a ₹10.75 crore addition on old unsecured loans, ruling that tax authorities cannot tax existing liabilities as fresh income without evidence of bogus transactions.
ITAT Delhi rules that cash deposits made during demonetization from recorded cash sales are not unexplained income, deleting an addition under Section 68.
The ITAT Delhi deleted a Rs. 3.36 crore addition for bogus sundry creditors, ruling that the addition was invalid as the assessee’s purchases and sales were not disputed.
The ITAT Delhi dismissed the Revenue’s appeals against Asian Consolidated Industries, upholding the CIT(A)’s decision to allow deductions and reject the application of Section 44AD.
The ITAT Delhi has quashed a reassessment notice against Durga Agencies Pvt. Ltd., citing a procedural error where the notice lacked proper sanction from the specified authority under Section 151(ii).
Delhi ITAT upholds a ₹305 crore tax addition against Mallard Securities Pvt. Ltd., citing the company’s failure to prove the genuineness of cash credits.
Delhi ITAT deletes additions to NM Industries’ income, ruling that receipts from trade debtors cannot be taxed again as unexplained credits.
ITAT Delhi upheld CIT(A) order deleting additions on alleged bogus LTCG from Kailash Auto Finance shares, citing SEBI’s clean chit and lack of AO’s independent enquiry.
