Read full text of ITAT Delhi order in Ajay Kumar vs. ACIT, where disallowance of bad debt was upheld as assessee was not involved in a real estate business
ITAT Delhi held that forfeiture of share application money being forfeiture of a kind of deposits cannot be treated as revenue receipt. The same is capital in nature and hence not taxable.
ITAT Delhi held that assuming jurisdiction under section 147 of the Income Tax Act without new tangible material is unsustainable and hence the entire reassessment is null and void.
Learn about Harish Gupta Vs DCIT case at ITAT Delhi where subsequent intimation of DIN number without quoting it on assessment order is deemed invalid.
ITAT Delhi held that salary income not taxable in India both u/s. 9(1) as services are rendered outside India and also not taxable under Article 15(1) of India-Netherland DTAA as required conditions satisfied.
ITAT Delhi held that the additions/disallowance, devoid of any incriminating material found during the course of search, cannot validate the assessment orders framed u/s 153C of the Act. Accordingly, assessment orders u/s 153C cannot be sustained and liable to be quashed.
ITAT Delhi held that once long term capital gain along with cost of acquisition and indexation accepted in the hands of one of the co-owner of the property, the same needs to be allowed/ accepted for other co-owner of the property too.
ITAT Delhi held that when the assessee has shown cash withdrawals during pre demonetization period more than the cash deposited during demonetization then the source cannot be disputed. Accordingly, addition u/s. 68 deleted.
ITAT Delhi quashed the penalty order passed under section 271(1)(b) of the Income Tax Act as service of notice by way of affixture on the Assessee cannot be construed as sufficient Service of Notice.
ITAT Delhi held that interest on late deposit of TDS deleted as assessee was having sufficient cause for not depositing the TDS on time due to the Interim Order passed by the Hon’ble Madras High Court.
