The ITAT held that no addition under Section 56(2)(viib) was warranted where shares were allotted to existing shareholders and no fresh funds were received during the relevant year. The Tribunal deleted the addition after finding the assessee’s valuation supported by registered valuers.
Raj Krishan Gupta Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, partly allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16. The appeal involved denial of deduction under Sections 54/54F, addition under Section 56(2)(vii), and disallowance of indexed cost of acquisition. The assessee […]
The ITAT held that Section 154 cannot be used to examine issues requiring detailed inquiry, and therefore quashed the rectification seeking disallowance of directors’ bonus. The appeal was allowed.
The ITAT Delhi held that an omnibus satisfaction note without identifying year-wise incriminating material or its relevance to the assessee’s income cannot sustain proceedings under Section 153C. The assessments were consequently quashed without examining the merits of the additions.
The ITAT Delhi held that dumpers used in manufacturing and mining operations are part of plant and machinery and qualify for additional depreciation under Section 32(1)(iia). It ruled that actual use, and not merely road-going capability, determines eligibility.
ITAT Delhi held that a reassessment initiated by an Assessing Officer without pecuniary jurisdiction under CBDT Instruction No. 1/2011 is invalid. The Tribunal quashed the reassessment and dismissed the Revenues appeal.
The ITAT held that reassessment was invalid because the Assessing Officer did not dispose of the assessee’s objections through a separate speaking order before completing reassessment. The Tribunal quashed the reassessment following the principles laid down in GKN Driveshafts.
ITAT Delhi excluded three comparable companies after holding that they were functionally dissimilar and government-controlled enterprises. Their exclusion eliminated the transfer pricing adjustment on engineering design services.
ITAT Delhi held that donations forming part of CSR expenditure are eligible for deduction under Section 80G if the statutory conditions are satisfied. The Tribunal ruled that disallowance under Section 37(1) does not bar a separate deduction under Chapter VI-A.
The ITAT Delhi held that a consolidated satisfaction note covering several assessment years without year-specific analysis failed to satisfy the mandatory requirements of Section 153C. It quashed the assessment and dismissed the Revenue’s appeal.
