The ITAT Delhi has quashed a reassessment notice, ruling it was based on borrowed satisfaction and mechanical approval from superior tax authorities.
The ITAT Delhi has quashed a reassessment notice, ruling it was invalid for being issued for verification and based on a borrowed belief without tangible material.
ITAT Delhi held that addition on the basis of interest paid on cash loans received by the assessee is directed to be deleted. Accordingly, appeal of the assessee are partly allowed.
ITAT Delhi ruled a CIT(A) order invalid, stating it had no jurisdiction once a superior authority (PCIT) had already allowed a revision under Section 264.
ITAT Delhi deleted a Rs. 1.40 crore capital gains tax on a property transfer between spouses, ruling that no consideration was exchanged.
The ITAT Delhi has remanded a case on long-term capital gains, ruling that an Assessing Officer cannot unilaterally reject a registered valuer’s report without a mandatory reference to the Departmental Valuation Officer.
ITAT Delhi deletes an unexplained investment addition, ruling that the assessee provided sufficient documentary evidence to prove the source of funds for a property purchase.
The Delhi ITAT has ruled that a penalty cannot be imposed when income is based on estimation. It deleted penalties on a taxpayer where cash deposits were assessed as estimated business profits, not unexplained income.
Tribunal holds cash deposits of ₹1.25 crore matching turnover in books cannot be treated as unexplained income u/s 69. Revenue’s appeal dismissed.
ITAT Delhi has annulled a tax reopening against RMP Holdings Pvt. Ltd., citing improper sanctioning authority and a lapse in the statutory time limit.
