ITAT Delhi deletes Rs. 14 lakh tax addition for Aquakiosk India, citing invalid reassessment notice and proven investment source from mutual fund switch-outs.
The ITAT Delhi ruled on ACIT vs. B.K. Sales Corporation, emphasizing that Assessing Officers must adhere to limited scrutiny parameters, disallowing additions outside the scope.
ITAT Delhi grants Asha Gupta final chance to prove Rs. 40 lakh unsecured loan genuineness, remanding case to AO for fresh adjudication.
ITAT Delhi ruled that Section 115BBE’s higher tax rate applies only to transactions from April 1, 2017, aligning with a Madras High Court precedent.
The ITAT Delhi has deleted a protective addition of ₹15.23 crore against Surya Vanijya P. Ltd., ruling against double taxation as the income was already assessed in the beneficiary’s hands. However, an addition for commission income was upheld.
Delhi ITAT remands Tejasvi Bhalla’s Rs. 7 Cr income addition under Section 69 to AO, mandating verification of capital and stock balances for clarity.
ITAT Delhi cuts ad hoc expense disallowance for Biolife Medical Pvt. Ltd. from 10% to 4%, citing lack of proof and comparables, with a non-precedent clause.
Delhi ITAT sets aside reassessment notices against Sampark Management Consultancy LLP, citing invalid sanction post-Finance Act, 2021, and lack of proper authority approval.
ITAT Delhi allows full relief to salaried individual for demonetization cash deposits, citing religious beliefs and proven salary withdrawals.
Delhi ITAT rules against Ashok Kumar, denying Section 54F exemption for a residential property bought in his mother’s name, citing jurisdictional precedents.
