ITAT Delhi held that bona fide error cannot be basis of imposition of penalty and hence imposition of penalty under section 270A of the Income Tax Act rightly deleted by First Appellate Authority.
ITAT Delhi held that addition towards undisclosed investment in shares and unsecured loans merely based on observation made by DCIT without independent inquiry by AO is unjustified and hence the addition is liable to be deleted.
ITAT Delhi held that addition based on reliance placed on third party statement without any corroborated evidence is not sustainable in law. Accordingly, issue restored to AO for de novo adjudication.
ITAT Delhi rules that remittances to foreign subsidiaries are not taxable in India, leading to the cancellation of tax penalties on HCL Technologies Ltd.
ITAT Delhi held that disallowance of purchases and restricting the amount of purchases to 12.50% without examining the documentary evidences produced by the assessee is unjustified. Accordingly, matter remanded back to AO with direction to decide afresh.
ITAT Delhi held that assessments completed u/s. 153A, making addition u/s. 68 of the Income Tax Act, without any incriminating material found during the search action is unsustainable in law. Accordingly, addition deleted.
Since there was no failure on the part of assessee to fully and truthfully disclose material facts therefore, assessment under sections 147-148 was not valid as the specific provisions of Section 153C were deemed to take precedence over the general provisions of Section 147.
ITAT Delhi rules Coursera’s income from Indian customers not taxable as Fees for Technical Services (FTS) under India-USA DTAA. A key decision for online platforms.
ITAT Delhi held that order under section 263 of the Income Tax Act passed on the issues for which no show cause notice has been issued is unjustifiable and hence liable to be quashed.
Re-opening of assessment by AO was unjustified if the original return had not been processed by following the decision in case of Super Spinning Mills Ltd. vs Addl. CIT 37 DTR (Chennai) (T.M) (Trib).
