ITAT Delhi held that additions merely on the basis of presumption that assessee had earned undisclosed income without having concrete evidence is not sustainable in law and hence liable to be deleted. Accordingly, action of CIT(A) upheld and appeal of revenue dismissed.
Delhi ITAT rules interest under Section 28 of Land Acquisition Act is capital receipt, exempt under Section 10(37), and not taxable as ‘income from other sources’.
ITAT Delhi held that initiated the reassessment proceedings under section 148 of the Income Tax Act only on the basis of suspicion of involvement in money laundering activity without cogent material brought is bad-in-law. Accordingly, appeal allowed.
Capital expenditure on leasehold premises, such as plumbing, partitions, flooring, and electrical fittings, qualified as improvements to a building used for business purposes. Therefore, depreciation deduction for improvements made to leasehold premises was allowable.
CIT(Appeals) failed to admit the additional evidences which went to the root of the matter for determining the issue of taxability of long term capital gains as was made by AO ignoring the submissions of assessee. Therefore, the case was remanded to AO for fresh assessment, with liberty to assessee to furnish evidence.
ITAT instructed the AO to verify the TDS credit reflected in Form 26AS and grant the due credit in accordance with the law, again contingent on the assessee providing necessary details.
ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposits as unexplained money cannot be sustained since the cash deposits is already recorded in books of accounts. Accordingly, appeal allowed.
ITAT Delhi affirms no Section 68 addition on non-resident share premium, citing proven identity, creditworthiness, and genuineness.
Delhi ITAT rules bank passbooks are not books of account for Section 68 additions, quashing unexplained cash credit claims without assessee’s formal books.
ITAT Delhi allows real estate developer Sourya Towers to claim ₹64.72 Cr loss on an abandoned Amritsar project as a revenue deduction, overturning a disallowance.
