Delhi ITAT partially allows Vijay Rai Marwaha’s appeal for AY 2020-21, deleting Section 50C addition and adjusting cost of acquisition in a capital gains assessment.
ITAT Delhi held that loss incurred on account of trading in gold derivatives being hedging transaction and was excluded from the definition of speculative transaction in terms of section 43(5)(a) of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Delhi ITAT allows Shivsagar Builders’ appeal, deleting additions for notional rent on inventory and clarifying taxable revenue based on contractual agreements.
ITAT Delhi held that amount withdrawn by the assessee in the capacity of the partner from the partnership firm cannot be treated in the nature of loan and advance and cannot be covered within meaning of deemed dividend under section 2(22)(e) of the Income Tax Act.
ITAT Delhi held that assessment order passed by AO under section 153C read with section 143(3) of the Income Tax Act is passed beyond prescribed time limited. Hence, the order barred by limitation is liable to be quashed.
The ITAT Delhi has overturned the disallowance of club subscription fees for Punjab National Bank, citing a Supreme Court precedent that allows such expenses as business expenditure.
The Revenue alleges that the appellants/assessee got the said company CCL incorporated only for the purpose acquiring properties in UK by which he could avoid declaration of the ownership in the properties in India.
Delhi ITAT sets aside tax additions against a couple, ruling Section 153C satisfaction invalid and emphasizing the belongs to vs. pertains to distinction.
ITAT Delhi deletes unexplained cash credit additions for Technosys Integrated Solutions Pvt Ltd, finding investments were not credited in the relevant assessment year.
Delhi ITAT sets aside PCIT’s revisionary order concerning depreciation on goodwill for AY 2016-17, citing incorrect application of IND AS 103 and reliance on a new ground.
