ITAT Delhi quashes an addition made by the DCIT against Virender Verma, finding the accommodation entry allegation unproven due to lack of supporting material and an unrelated seized ledger.
The ITAT Delhi set aside a reassessment order against Aashiyana Infrastructure Development Pvt. Ltd., citing a violation of CBDT instructions on jurisdictional limits, as the DCIT passed the order instead of the ITO.
ITAT Delhi held that intimation under section 143(1) of the Income Tax Act being passed without waiting for the response of the assessee and without providing thirty day time for filing response is not sustainable in law. Accordingly, appeal allowed.
ITAT Delhi held that deduction under section 54F of the Income Tax Act duly available since funds are utilized within the extended period of time as per CBDT Circular No. 1/2023 dated 06.01.2023. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that interest expense relating to prior period expenditure is allowable since from the financial positions and profitability declared in the financial statement, it shows that it has no tax effect. Thus, appeal allowed.
ITAT Delhi held that addition under section 68 of the Income Tax Act not justified as genuineness and identity of shareholders proved. Accordingly, appeal of revenue dismissed and CIT(A) upheld.
ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposited during demonetization cannot be sustained as source of cash deposited is cash sales and the same is already offered to tax. Accordingly, the appeal is allowed and addition is deleted.
ITAT Delhi held that granting of single approval under section 153D of the Income Tax Act for difference assessment years and that too mechanically without application of mind is not sustainable. Accordingly, entire proceedings initiated u/s. 153C quashed.
The ITAT Delhi ruled reassessment notices issued to a dissolved firm, Ganesh Commodity Brokers, were invalid as they were not served on former partners as per Section 283(2) of the Income Tax Act.
ITAT Delhi held that registration granted under section 12A of the Income Tax Act cannot be cancelled with retrospective effect as the concept of ‘specified violations’ u/s. 12AB(4) is effective only from 1st April 2022. Accordingly, order retrospectively cancelling registration quashed.
