ITAT Delhi deletes ₹16.97 Cr addition; Denmark-based LM Wind Power AS has no PE or business connection in India. Royalty taxable u/s 115A; penalty u/s 271AA unsustainable.
ITAT Delhi deletes ₹2.10 Cr addition u/s 68 for share call-money; statements not supplied or cross-examined. Identity, creditworthiness & genuineness of subscribers proven; ad-hoc disallowance also deleted.
ITAT Delhi ruled that additions under section 153A cannot be made without incriminating material specific to the assessee. All unbooked commission additions for AYs 2012-13 to 2016-17 were deleted.
The Tribunal held that the CIT(A) erred by relying solely on an investigation report without examining books and invoices, and therefore sent the matter back for fresh consideration.
Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
ITAT held that additions under section 153A cannot be made if no incriminating material is found at the assessee’s premises; third-party documents should be invoked via section 153C.
The tribunal ruled that reassessment notices issued after April 2021 for AY 2015-16 are invalid, as they fall outside TOLA provisions and are time-barred.
The Tribunal held that reopening based solely on an NMS alert and without examining DTAA-exempt interest income violated Section 115A(5). The ruling confirms that non-residents cannot be reassessed when TDS-deducted income does not escape tax.
ITAT Delhi permits set-off of brought forward long-term and current year short-term capital losses against long-term capital gains, overruling CPC and CIT(A).
Tribunal held that an income tax demand raised due to a technical misentry in return must be rectified. Assessing officer erred by retaining 143(1) demand after scrutiny under 143(3).
