ITAT Delhi dismissed the Revenue’s appeal due to a low tax effect, as the tax effect was below the threshold prescribed by the CBDT Circular.
ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards unexplained money u/s 69A deleted.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not leviable since there is no concealment of particulars of income by the assessee.
ITAT Delhi held that reopening of assessment without any link between the tangible material and formation of belief of AO that income has escaped assessment is unsustainable and bad-in-law and hence liable to be quashed.
ITAT Delhi held that invocation of revisionary power u/s. 263 of the Income Tax Act unjustified when AO has exercised its quasi-judicial powers and arrived at a conclusion with reasonable application of mind.
ITAT Delhi held that disallowance of foreign travel expenditure unjustifiable as the same are incurred in connection with the business of the assessee.
ITAT Delhi held that addition under section 68 of the Income Tax Act towards sale of shares by the assessee unsustainable as such transaction cannot be alleged as unexplained/ bogus when department has not disputed investment in shares.
In the case of Syed Nadeem Abbas Vs ITO, ITAT Delhi orders re-adjudication due to incorrect email addresses for hearing notices, ensuring natural justice.
The ITAT Delhi directs re-evaluation of the nature of sold land in the Chander Mani Sharma Vs ITO case, emphasizing the importance of the sale deed for determining agricultural status.
Explore the ITAT Delhi’s decision in Concentrix Daksh Services vs ACIT case. Understanding the applicability of concessional tax rates and the misconceptions.
