Case Law Details
DCIT Vs Solitaire Realinfra Private Limited (ITAT Delhi)
Introduction: This article delves into the recent decisions of the Income Tax Appellate Tribunal (ITAT) Delhi, specifically addressing appeals for assessment years 2013-14, 2014-15, and 2015-16. The appeals relate to additions made by the Assessing Officer, contested by the taxpayers and subsequently ruled upon by the ITAT.
Assessment Year 2013-14 (ITA No.1333/Del/2021): The article details the ITAT’s analysis of the additions made by the Assessing Officer on account of unsecured loans and estimated disallowance of expenses. Notably, the ITAT observed that these additions lacked incriminating material found during the search, leading to their deletion. The appeals raised by both the Revenue and the assessee are explored.
Assessment Year 2014-15 (ITA No.1334/Del/2021): The ITAT’s scrutiny of additions under Section 68 of the Act for unsecured loans and deemed dividend is discussed. The ITAT, in alignment with legal precedents, emphasizes that the addition for deemed dividend can only be made in the hands of the shareholder. The article provides insights into the arguments presented and the ITAT’s decision to delete the said additions.
Assessment Year 2015-16 (ITA No.1335/Del/2021): The article explores the ITAT’s examination of additions related to advance payments made without TDS, unexplained unsecured loans, and employee benefits. Similar to the earlier years, the ITAT reiterates that these additions lack a basis in incriminating material found during the search, leading to their deletion. The reasoning behind the ITAT’s decision is outlined.
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