Delhi ITAT dismisses a revenue appeal, confirming that ad-hoc disallowances of business expenses are unsustainable without rejecting the books of accounts.
Delhi ITAT dismisses appeal in DCIT vs. Ajay Goel case, upholding tax relief for Section 54F deduction and indexed cost of shares on capital gains.
The ITAT Delhi rules in Mahendra Singh Jain vs. ITO that an assessment order issued to a deceased individual is void and without legal jurisdiction.
ITAT Delhi rules that a refund from a company is a valid return of deposit, not an unexplained cash credit under Section 68, citing audit and bank records.
ITAT Delhi held that addition towards accommodation entry and bogus capital gain exemption upheld since the shares were purchased in off market mode. Accordingly, appeal of revenue allowed.
ITAT Delhi held that cash deposited during demonetization period cannot be added as unexplained cash deposit under section 68 of the Income Tax Act since sufficient explanation of source of cash deposit provided by the assessee. Accordingly, addition deleted and appeal allowed.
ITAT Delhi sends Anil Kumar Chauhan’s Rs. 7.17 Cr. tax addition case back to the AO. The tribunal cited a violation of natural justice, allowing new evidence.
The Delhi ITAT has invalidated an income tax reassessment for bogus LTCG from penny stocks, ruling that the approving authority’s sanction was mechanical.
ITAT Delhi deleted transfer pricing adjustments made to Sony India, ruling that the intensity adjustment is an invalid substitute for the Brightline Test and that royalty payments were commercially justified.
ITAT Delhi upheld the disallowance of setting off brought-forward business losses against short-term capital gains from the sale of depreciated assets, clarifying the inapplicability of Section 41(2).
