ITAT Delhi held that addition in case of bogus purchases is restricted to the extent of 25% of the purchases. As lower authorities made addition of 25% of bogus purchase, the same is sustainable.
ITAT Delhi held that benefit of deduction under section 80IA of the Income Tax Act eligible for interest income earned on fixed deposit.
ITAT Delhi held that disallowance of genuine claim of depreciation merely because the depreciation figure is not reflected in column no. 45 of ITR is unsustainable in law. Action of lower authorities of disallowing the genuine claim of depreciation on a very flimsy reason is unjustified.
Assessees must thoroughly discharge initial onus under section 68. Until assessee does so, AO is under no obligation to conduct further inquiries.
Vinit Kumar Vs DCIT – ITAT Delhi clarified the application of Section 56(2)(vii) on properties purchased for more than the circle rate.
Detailed analysis of ITAT Delhi’s ruling in Nijhawan Travel Services Pvt. Ltd. Vs DCIT, exploring the critical determination that the loss of Chit Fund used for business is allowable as a business loss.
In the case of Navneet Dutta Vs ACIT, ITAT Delhi allowed rectification in the revised return, even though the original return was filed late. ITAT remitted the issue to the Assessing Officer to consider the revised return and make an order in accordance with the law.
ITAT Delhi held that if a matter is restored to AO for passing a rectification order, the penalty imposed under Section 271(1)(c) of Income Tax Act does not survive. The appeal was filed by the assessee against the penalty order.
ITAT Delhi has ruled that additions made under Section 153C of Income Tax Act cannot be sustained without any incriminating material found during a search and seizure operation.
A comprehensive analysis of the ITAT Delhi’s recent ruling in the case of Ballabh Prasad Aggarwal Vs ACIT, involving income tax addition on supposed long-term capital gains from jewellery sale.
