ITAT Delhi held that imposition of penalty under section 271B of the Income Tax Act unsustainable as reasonable cause shown for non-submission of audit report.
The Income Tax Appellate Tribunal, Delhi, in the case of Raj Kumar Vs ACIT, held that a S. 69 addition is not sustainable based on a mere delay in deposit during the demonetisation period.
ITAT Delhi held that penalty under section 271B of the Income Tax Act not leviable as assessee is a local authority and it cannot be considered to be one engaged in ‘business’ or to be earning profit.
ITAT Delhi dismisses Drishti Apparels’ appeal against disallowance of PF and ESI deduction due to delayed deposit, aligning with Supreme Court decision.
ITAT held that the genuineness of the expenditure was not in doubt, and the first appellate authority erred in ignoring Form 3CL issued by the competent authority. The disallowance of Rs.29,05,724/- was deemed unsustainable and deleted.
ITAT Delhi held that in absence of a Permanent Establishment, provisions of section 44BB of the Income Tax Act has no application.
ITAT Delhi held that post amendment by Finance Act, 2012 which is effective from 1st April 2013, the exemption u/s 54B of the Income Tax Act is also available to HUF.
The ITAT Delhi has dismissed the Revenue’s appeal in the case of ACIT vs. Cogent Realtors Pvt. Ltd. The appeal was dismissed based on the lack of jurisdiction under Section 153C of the Income Tax Act due to the absence of incriminating material. The disallowance made by the Assessing Officer was also found to be unsustainable.
In a recent case, the ITAT found that the assessee did not receive a fair opportunity to represent its case before the first appellate authority due to circumstances beyond its control. As a result, the ITAT set aside the first appellate authority’s orders and restored the matters for a fresh decision.
In a recent case (DCIT vs. Religare Finvest Ltd) heard by ITAT Delhi, it was ruled that lessor is entitled to claim depreciation on leased assets under a finance lease agreement.
