ITAT Delhi held that circle rate couldn’t be applied as the property was sold under distress. Accordingly, matter remanded back to AO to determine fair market value of property taking into consideration that the sale was under distress.
Delhi ITAT rules in favor of Kohinoor Foods, setting precedents on hedging losses, stock additions, and DRP jurisdiction. A key victory for consistency in tax law.
Delhi ITAT invalidates Bajaj Group assessments for AYs 2011-2019 ruling the Section 153D approval was a mechanical omnibus sanction without due diligence.
The ITAT Delhi has deleted a penalty imposed by the CIT(A), ruling that the CIT(A) did not have the jurisdiction to change the nature of a penalty from Section 271AAB to 271(1)(c).
The ITAT Delhi has remanded the transfer pricing case of Stryker India Pvt. Ltd., directing the exclusion of one comparable and inclusion of another, and allowing for the netting of payables and receivables.
The ITAT Delhi has dismissed a reassessment appeal, ruling that a Section 148 notice issued on March 31 but dispatched on April 20 was invalid. The delay in service rendered the assessment void as it fell under new, amended law.
The ITAT Delhi quashed an income tax reassessment against Amar Chemicals, ruling the assessment void because the mandatory notice under Section 143(2) was not served.
Delhi ITAT rules on delayed PF/ESI deposits, distinguishing between periods before and after the Checkmate Services case. Learn when disallowances are valid under Section 143(1).
Delhi ITAT upholds the deletion of a tax addition on cash sales during demonetization, ruling that the tax authority’s addition was based on assumptions, not evidence.
The ITAT Delhi has deleted additions made by the tax department, ruling that an ad-hoc expense disallowance and additions for loans and cash deposits were invalid.
