Key ITAT Delhi decision in ACIT Vs Hella India Lighting Ltd.: Analysis of Section 69C addition, expense disallowance, and foreign exchange loss claims for AY 2017-18.
ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, appeal of assessee dismissed and order of CIT(A) being well reasoned is upheld.
ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustified since source of cash deposits duly explained. Hence, addition liable to be deleted.
ITAT Delhi sets aside search assessment in Amit Gupta & Sons HUF case, citing lack of proper approval under Section 153D of the Income Tax Act.
ITAT Delhi held that interest on enhanced compensation under section 28 of Land Acquisition Act, 1894 is not exempt u/s. 10(37). Such interest is exigible to tax u/s. 56(2)(viii) r.w.s. 145B(1). Accordingly, appeal of the assessee dismissed.
ITAT Delhi rules GST disallowance under Section 43B invalid as amount was not claimed in P&L account. Cites judicial precedents to reverse CIT(A) decision.
ITAT Delhi held that the expenditure incurred on CSR activities may not have direct nexus with the activities of the assessee but it may have indirect and may bring goodwill to the assessee.
ITAT Delhi rules IT support payments to CPP UK not taxable as fees for technical services due to failure of ‘make available’ test under India-UK DTAA.
ITAT Delhi invalidates reassessment due to non-application of mind in approval under Section 151 of the Income-tax Act, impacting jurisdiction under Section 147.
ITAT Delhi dismisses Revenue’s appeal on cash deposits and liability cessation, citing CBDT’s monetary limits for tax disputes under Circular No. 09/2024.
