ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO.
ITAT Delhi deletes additions against Sanmati Jewellers due to lack of corroborative evidence and delay in 153C proceedings. Read key observations and case laws.
ITAT Delhi rules in favor of Arvind Kumar Agarwal, allowing Section 10AA deduction despite late return filing. Tribunal highlights absence of mandatory filing clause.
ITAT Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reliance on oral statements.
ITAT Delhi quashes penalty on Babu Ram u/s 271(1)(c) as barred by limitation. Penalty order dated April 1, 2022, violated extended timelines due to COVID-19.
ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordingly, appeal of the assessee allowed.
ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D’s comparable list, rejecting TPO’s reasons and DR’s functional disparity claims.
ITAT Delhi rules in favor of the assessee, allowing Section 54F deduction despite builder delays. Revenue’s appeal dismissed citing judicial precedents.
ITAT Delhi dismisses DCIT’s appeal against Naresh Kumar Garg due to low tax effect, citing CBDT’s Rs. 60 lakh threshold in Circular No. 9/2024.
ITAT Delhi rules against Income Tax Department’s new claims post-resolution plan approval for GAIL Mangalore Petrochemicals Ltd., citing Supreme Court precedents.
