ITAT Delhi quashes penalty under Section 271D as Section 153C assessment was declared void for lack of incriminating material, citing Supreme Court precedents.
ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation loss as per accounting standards and there is no actual payment or remittance. Thus, appeal allowed.
ITAT Delhi’s ruling in Mahavir Prasad Gupta vs. JCIT (AY 1997-98) addresses Section 54F exemption, long-term capital gains, and interest under Sections 234B & 234C.
ITAT Delhi held that loose sheets picked u/s 132, falls within definition of ‘document’ mentioned in section 132(4) and therefore, it has got evidentiary value. Thus, addition on the basis of loose sheets found during course of search is sustainable.
ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO.
ITAT Delhi deletes additions against Sanmati Jewellers due to lack of corroborative evidence and delay in 153C proceedings. Read key observations and case laws.
ITAT Delhi rules in favor of Arvind Kumar Agarwal, allowing Section 10AA deduction despite late return filing. Tribunal highlights absence of mandatory filing clause.
ITAT Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reliance on oral statements.
ITAT Delhi quashes penalty on Babu Ram u/s 271(1)(c) as barred by limitation. Penalty order dated April 1, 2022, violated extended timelines due to COVID-19.
ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordingly, appeal of the assessee allowed.
