Tribunal holds cash deposits of ₹1.25 crore matching turnover in books cannot be treated as unexplained income u/s 69. Revenue’s appeal dismissed.
ITAT Delhi has annulled a tax reopening against RMP Holdings Pvt. Ltd., citing improper sanctioning authority and a lapse in the statutory time limit.
The ITAT Delhi has deleted a ₹8.79 lakh addition, ruling that cash deposits in a joint bank account were properly explained as the wife’s income.
ITAT Delhi deletes disallowance of ₹23.71 lakh, ruling that foreign exchange loss on business advances is an allowable business expenditure for Sitac Re Pvt. Ltd.
TAT Delhi Remands Rs 82 Cr 153C Additions, Terms CIT(A) Order Mechanical; Rubber-Stamping Not Allowed: ITAT Delhi Quashes Non-Speaking CIT(A) Order in 153C Case
ITAT Delhi rules on TDS default. If the payee pays tax, the deductor isn’t in default, preventing disallowance under Section 40(a)(ia) but not interest.
The ITAT Delhi ruled in favor of an assessee, stating the AO cannot reject a Discounted Cash Flow (DCF) valuation report merely because future projections didn’t match actual performance.
ITAT Delhi deletes a bogus purchase addition of Rs. 1.70 crore against My Paper Merchants Pvt. Ltd. due to a lack of cross-examination and valid evidence from the Assessing Officer.
Ankit Chauhan’s penalty for not getting a tax audit was quashed by ITAT Delhi. The court found the assessee to be a commission agent, not a dealer, with reasonable cause for the failure.
ITAT Delhi quashes a bogus purchase addition, ruling that an entire purchase amount cannot be disallowed when corresponding sales have been accepted.
