ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.
The ITAT Delhi has allowed an 80IC deduction for Mantangi Rubber Pvt. Ltd. despite a 46-minute delay in return filing, deeming Section 80AC directory and emphasizing justice.
No Section 40A(2)(a) addition if AO not brought any comparable case to demonstrate that payments made by assessee to directors were excessive/unreasonable: ITAT
The ITAT Delhi has nullified a tax assessment against SEH Realtors Pvt. Ltd., ruling that the Section 153D approval was granted mechanically without due application of mind.
Delhi ITAT deletes Section 69A cash additions against senior citizens Nand Kumar Taneja and Nita Taneja, citing disclosed income and recorded cash-in-hand.
Delhi ITAT deletes Rs. 1.37 Cr cash deposit addition for Fine Gujaranwala Jewellers, ruling sales were genuine despite demonetization surge.
Delhi ITAT affirms tax exemption for Suvasini Charitable Trust, ruling cafeteria surplus used for medical relief is incidental to charitable objects.
Delhi ITAT overturns Rs 2.5 Cr capital gain addition for Rekah Devi, ruling no gain when property forfeited by bank and no consideration received.
Delhi ITAT upholds non-taxability of Converteam Group’s support services, affirming “make available” clause applicability via MFN protocol in India-France DTAA.
Delhi ITAT sets aside unexplained cash additions against Sachin, a gold trader, due to insufficient evidence and denial of cross-examination rights.
