ITAT Delhi held that deduction under section 54F of the Income Tax Act allowable since the provisions of section 54F allows for construction of the property within a period of three years. Accordingly, appeal allowed.
ITAT Delhi held that the seat of Tribunal and/or jurisdiction of concerned Hon’ble High Court would depend upon where seat of the Assessing Officer who has passed the assessment order. Thus, ITAT Delhi Bench do not have territorial jurisdiction as assessment order are based by AO in Lucknow.
Delhi ITAT sets aside ₹42.94 lakh tax additions, ruling Section 153C incorrectly applied. Seized documents must “pertain” not “belong,” and Section 292C presumption doesn’t extend to third parties.
ITAT Delhi rules no books or vouchers are needed for Section 44AD income, deleting a Rs. 20.58 lakh cash deposit addition, citing a binding precedent.
ITAT Delhi rules in Sudarsan De case, setting aside S.270A penalty for under-reporting as belated return was accepted without income additions.
ITAT Delhi quashes reassessment for AY 2015-16, finding the Section 148 notice issued on July 29, 2022, was beyond the statutory limitation period.
By returning the loan, the assessee has only utilised the loan for the purpose of business and repaid the same. Merely because some operator has managed the affairs and all the transactions cannot be labelled as non-genuine.
ITAT Delhi allows Hyosung Corporation to set off Indian Permanent Establishment (PE) business losses against Fees for Technical Services (FTS) income. The ruling clarifies that under the Income Tax Act, a foreign entity’s income is aggregated for taxation, permitting inter-head adjustments despite DTAA classifications.
ITAT Delhi rules Section 249(4)(b) inapplicable for Sangeet Kathuria’s appeal dismissal, when no return was filed and no admitted income existed, remanding the case for fresh assessment.
ITAT Delhi rules customer contracts, assembled workforce are intangible assets, allowing Genpact’s depreciation claim and affirming cost allocation.
