Delhi ITAT rules in Ajay Singh vs. ACIT, quashing reassessment for AY 2012-13. Citing borrowed satisfaction and lack of independent inquiry by AO, the tribunal highlights the need for a direct link between tangible material and belief formation, even on merits.
ITAT Delhi rules Oberoi Motors can set off business losses against income surrendered during survey, citing judicial precedents and CBDT circular on Section 115BBE.
ITAT Delhi rules in favor of assessee, upholding Section 10(38) LTCG exemption and rejecting ‘penny stock’ allegations due to lack of evidence and procedural flaws.
ITAT Delhi nullifies reassessment and LTCG addition, emphasizing mandatory disposal of taxpayer objections and absence of concrete evidence in ‘penny stock’ allegations.
ITAT Delhi held that registered deed of new property not mandatory for claiming exemption under section 54F of the Income Tax Act. Investment in property and possession thereof sufficient for claiming exemption.
ITAT Delhi dismisses revenue’s appeal, upholds deletion of bogus purchase addition due to valid documentation and bank payments, distinguishing from other cases.
ITAT Delhi held that foreign share holding duly disclosed with Income Tax Department and hence the same cannot be taxed under the Black Money Act. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
ITAT Delhi held that disallowance of expenditure on adhoc basis without contrary material and without rejection of books of accounts not justifiable. Accordingly, disallowance made in the impugned order deleted.
ITAT Delhi rules against reassessment, citing vague reasons and lack of nexus between Kavya Satija and alleged entry operators.
ITAT Raipur held that denial of TDS claimed based on difference between gross turnover as per 26AS and total receipts reflected in returns, without verifying reconciliation prepared by assessee, is not justified. Hence, matter restored to CIT(A).
