Dive into Prakash Industries Ltd vs ACIT case dissected by ITAT Delhi, detailing FBT exemptions for transport services and medical expenses reimbursement, with expert insights.
ITAT Delhi held that as non-renewal doesn’t amount to termination, accordingly, receipt of compensation on account of non-renewal of contract cannot be taxed under section 28(ii)(e) of the Income Tax Act.
ITAT Delhi held that genuineness and veracity of the party cannot be doubted merely because the cold storage rent was received in cash. Accordingly, addition u/s. 69 of the Income Tax Act towards unexplained investment unjustified.
ITAT Delhi held that addition u/s. 69 of the Income Tax Act based on working/ seized document retrieved from third person without granting cross examination opportunity to the assessee is unsustainable in law.
ITAT Delhi held that assessee qualifying as an eligible assessee, AO is mandatory required to first pass a draft assessment order as per section 144C(1) of the Income Tax Act. Passing of assessment order without following the mandatory requirement results in invalidation of final assessment order.
ITAT Delhi held that statutory approval given by a quasi judicial authority (here, JCIT) without due application of mind as contemplated in section 153D of the Income Tax Act would be fatal to the entire search assessment proceedings.
Explore the case of K.S. Chawla & Sons (HUF) Vs JCIT, where ITAT Delhi delves into penalty proceedings under section 271D of the Income-tax Act, 1961, with detailed analysis & conclusions.
ITAT Delhi held that revisional jurisdiction u/s. 263 of the Income Tax Act not invocable in absence of any error or infirmity in the assessment order which could make the assessment order erroneous and prejudicial to the interest of revenue.
ITAT Delhi held that in order to claim exemption under Section 13A of the Income Tax Act by the political party it is necessary to furnish return of income by the ‘due date’ as per Section 139 of the Income Tax Act.
ITAT Delhi remits WLD Investments Pvt Ltd’s case back to AO for fresh assessment on loss and interest disallowance issues, emphasizing fair reassessment.
