Based on this satisfaction, a separate satisfaction note stood recorded u/s 153C of the Act in the hands of the assessee on 3.10.2022 by AO of the assessee. Hence the date of search in the case of the assessee becomes 3.10.2022 relevant to Asst Year 2023-24.
Analysis of ITAT Delhi’s ruling in Smt. Karuna Garg Vs ITO regarding the genuineness of long-term capital gains claims from penny stock transactions.
ITAT Delhi rules that assessment notices were not served to the assessee, Raj Rani, leading to the setting aside of an ex-parte order for reassessment.
ITAT Delhi condones 236-day delay in Sekhari Ganna Vikas Samiti’s appeal, emphasizing a liberal approach to delay explanations in tax appeal cases.
ITAT Delhi orders fresh review of Shiv Kumar’s ₹10.3 lakh deposit case after original appeal was dismissed due to non-compliance with advance tax conditions.
ITAT Delhi held that transfer of shares of company by one set of shareholders to another set of shareholders does not give rise to any taxable event in the hands of company and has no tax incidence in the hands of the company whose shares were subject matter of transfer.
Delhi ITAT overturns penalty on ex-serviceman and Mother Dairy agent for non-audit under Section 271B, citing his limited commission income and absence of books.
ITAT Delhi cancels ₹1,09,807 penalty u/s 271B for Ved Singh, acknowledging his commission-based income and reasonable belief on tax audit requirement.
ITAT Delhi rules on Sh. Nikki Tyagi’s appeal against penalty under Sec. 271B for failure to audit accounts due to turnover limits. Clarifies income on commission basis.
ITAT Delhi hears Mohd Javed’s appeal against penalty under Sec. 271B, assessing the nature of cash deposits as agent turnover vs. personal income.
