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Section 68 addition unjustified when Assessee submit confirmation & bank statement of Creditor

Case Name : Aarya Organic Foods & Ayurvedic Industries Pvt. Ltd. Vs ITO (ITAT Delhi)
Appeal Number : ITA No.3004/Del/2017
Date of Judgement/Order : 05/02/2021
Related Assessment Year : 2012-13
Courts : All ITAT (14947) ITAT Delhi (3704)
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No Section 40(a)(ia) disallowance if Expense was not claimed

Case Name : ACIT Vs Parag Fans & Cooling System Pvt. Ltd (ITAT Indore)
Appeal Number : ITA Nos. 561 & 562/Ind/2018
Date of Judgement/Order : 09/02/2021
Related Assessment Year : 2013-14
Courts : All ITAT (14947) ITAT Indore (160)
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TNMM is best Method to benchmark international transactions with AE

Case Name : DCIT Vs Knorr Bremse India Pvt. Ltd. (ITAT Delhi)
Appeal Number : ITA No. 3219/Del./2018
Date of Judgement/Order : 22/01/2021
Related Assessment Year : 2014-15
Courts : All ITAT (14947) ITAT Delhi (3704)
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HC explains validity of invocation of section 153A based on statement recorded in search action against a third person

Case Name : PCIT Vs Anand Kumar Jain (HUF) (Delhi High Court)
Appeal Number : ITA 23/2021 & CM APPL. 5385/2021
Date of Judgement/Order : 12/02/2021
Related Assessment Year :
Courts : All High Courts (13939) Delhi High Court (3374)
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Section 147: AO must act based on ‘reasons to believe’ & not on ‘reasons to suspect’

Case Name : Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam)
Appeal Number : I.T.A. No. 210/VIZ/2020
Date of Judgement/Order : 12/02/2021
Related Assessment Year : 2011-12
Courts : All ITAT (14947) ITAT Visakhapatnam (139)
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Section 271AAB Penalty can be levied only on undisclosed income

Case Name : Shiv Bhagwan Gupta Vs ACIT (ITAT Patna)
Appeal Number : ITA No.194/Pat/2019
Date of Judgement/Order : 11/02/2021
Related Assessment Year : 2015-16
Courts : All ITAT (14947)
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Section 40(a) not applicable in case of charitable trust or institution

Case Name : R. K. Associates Vs ITO (ITAT Bangalore)
Appeal Number : ITA No. 681/Bang/2020
Date of Judgement/Order : 11/02/2021
Related Assessment Year : 2014-15
Courts : All ITAT (14947) ITAT Bangalore (1081)
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Penalty not sustainable if Assessment order not passes mandate of Section 271AAB

Case Name : Shiv Bhagwan Gupta Vs ACIT (ITAT Patna)
Appeal Number : ITA No. 194/Pat/2019
Date of Judgement/Order : 11/02/2021
Related Assessment Year : 2015-16
Courts : All ITAT (14947)
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Order of transfer passed without mala fide reason after giving proper Opportunity was valid

Case Name : Dev Wines Sales Corporation Vs PCIT (Delhi High Court)
Appeal Number : W.P.(C) 1761/2021
Date of Judgement/Order : 11/02/2021
Related Assessment Year :
Courts : All High Courts (13939) Delhi High Court (3374)
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Deduction allowed on share of freehold conversion charges, stamp duty etc. for converting property into freehold

Case Name : Sanjay Majumdar Vs PCIT (ITAT Allahabad)
Appeal Number : ITA No. 68/ALLD/2018
Date of Judgement/Order : 28/01/2021
Related Assessment Year : 2012-13
Courts : All ITAT (14947) Allahabad High Court (800)
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