ITAT Delhi dismisses revenue appeal, upholding the quashing of reassessment proceedings against Vishal Gold & Precious Stones due to ‘borrowed satisfaction’ and lack of a ‘live link’ to the assessment year.
ITAT Delhi held that denial of exemption u/s. 11 & 12 of the Income Tax Act not justified as loans are borrowed at higher rate solely for the benefit of the society and under the circumstances which are beyond the control of the assessee-society.
An assessee’s appeal against a 2018-19 tax assessment regarding unexplained receipts from a foreign loan repayment. This case details the arguments, evidence presented, and the final decision.
ITAT Delhi overturns Rs. 74 lakh penalty on Singh Consultancy. Notice ambiguity in Section 271(1)(c) proceedings deemed fatal, reinforcing clarity in tax charges.
Delhi ITAT grants BMW India a stay on tax recovery for AY 2016-17 after the company deposited 20% of the outstanding demand, noting past rulings on AMP expenses.
Delhi ITAT quashes reassessment proceedings against Smt. Seema Swami for AY 2008-09, ruling the Assessing Officer lacked tangible material for a valid reason to believe income escaped assessment.
Delhi ITAT rules Coursera’s online course receipts from India are not taxable as Fees for Included Services, citing prior judicial precedents.
The ITAT Delhi has deleted an addition of Rs. 41.16 lakh made by the tax authorities on cash deposits by Surendra Kumar Gupta, ruling that the source was adequately explained.
Delhi ITAT rules in Ajay Singh vs. ACIT, quashing reassessment for AY 2012-13. Citing borrowed satisfaction and lack of independent inquiry by AO, the tribunal highlights the need for a direct link between tangible material and belief formation, even on merits.
ITAT Delhi rules Oberoi Motors can set off business losses against income surrendered during survey, citing judicial precedents and CBDT circular on Section 115BBE.
