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ITAT Delhi dismisses BRR Securities’ appeals as withdrawn after settlement under the Direct Tax Vivad se Vishwas Scheme, 2024.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.
ITAT Delhi ruled in Rekha Rani vs. DCIT that penalty under Section 271(1)(b) cannot be imposed for each non-compliance of Section 143(2) notices, only for the first default.
ITAT Delhi quashes Section 271(1)(b) penalty against Charu Modi Bhartia, citing lack of evidence on alleged foreign bank account ownership with HSBC Geneva.
ITAT Delhi partly allowed FIL India’s appeal on tax adjustments, PF contributions, and double taxation of interest on refund under Income Tax Act provisions.
