ITAT Delhi deleted penalties under Section 271(1)(b) for Balram Kumar Mahendra & Prem Mahendra, citing non-receipt of notices as a reasonable cause. Read details.
ITAT Delhi remanded the issue back to file of AO to re-compute disallowance under rule 8D(2)(ii) of the Income Tax Act by taking those investment which give rise to exempt income @1% of average value of investment.
ITAT Delhi held that denial of exemption under section 54B of the Income Tax Act for purchase of agricultural land in the name wife of the assessee is not justifiable. Accordingly, denial of benefit of deduction set aside.
When an assessee deposes on oath giving explanation of the reasons and circumstances for investment, the same could not be brushed aside on the basis of general principles of the modus operandi of bogus LTCG claims.
ITAT Delhi held that taxpayer is entitled to raise additional claims before appellate authority hence claim for exemption under section 10(15)(iv)(h) for the first time vide additional ground is allowed and matter set aside to file of AO for examining the claim.
ITAT Delhi remits the case back to CIT Exemption, Lucknow, allowing the Dhananjay Sanjogta Foundation to submit documents for trust registration and 80G approval.
ITAT Delhi dismisses BRR Securities’ appeals as withdrawn after settlement under the Direct Tax Vivad se Vishwas Scheme, 2024. Case closed on 03/12/2024.
ITAT Delhi held that there is no case for making any addition u/s 68 of the Act in the hands of the assessee by denying the exemption under section 10(38) of the Act for the LTCG on sale of shares of Unno Industries Limited. Accordingly, appeal allowed.
Before ITAT it was submitted by assessee that both the lower authorities have erred in deciding the appeal ex-parte. Revenue also admitted that orders of lower authorities were ex-parte.
ITAT Delhi upholds penalty under Section 271(1)(b) against Sanjay Dalmia for not signing consent waiver form related to undisclosed HSBC bank account details.
