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.
ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D’s comparable list, rejecting TPO’s reasons and DR’s functional disparity claims.
ITAT Delhi rules in favor of the assessee, allowing Section 54F deduction despite builder delays. Revenue’s appeal dismissed citing judicial precedents.
ITAT Delhi dismisses DCIT’s appeal against Naresh Kumar Garg due to low tax effect, citing CBDT’s Rs. 60 lakh threshold in Circular No. 9/2024.
ITAT Delhi rules against Income Tax Department’s new claims post-resolution plan approval for GAIL Mangalore Petrochemicals Ltd., citing Supreme Court precedents.
ITAT Delhi rules that interest on enhanced land acquisition compensation under Section 28 is part of compensation, not taxable income, exempting it from TDS provisions.
ITAT Delhi modifies the net profit addition after book rejection, limiting the increase to ₹1 lakh instead of ₹4 lakh for AY 2020-21.
ITAT Delhi allows 80IC deduction as Form 10CCB was filed before completion of 143(1) proceedings, ruling procedural delay does not warrant denial.
ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication and consideration of precedents like Tuticorin Alkali.
