Jai Prakash Virmani Vs DCIT/ACIT (ITAT Delhi) ITAT Delhi Holds Additional Income Applied Towards House Construction Cannot be Taxed Again as Unexplained Investment – Section 69 & 115BBE Not Applicable A survey u/s 133A was conducted at Assessee’s business premises on 23.01.2019. Loose papers indicating cash withdrawals & expenditure on construction of house were impounded. […]
Delhi ITAT quashes ₹11 crore in tax additions, ruling that additions in a search case cannot be made without finding incriminating material on the assessee’s premises.
ITAT Delhi has directed Assessing Officer to amend assessment for Richemont India, reducing a Rs 33.95 crore transfer pricing addition to nil.
ITAT Delhi: Addition on expensive watches deleted. The court held they belonged to the entire Kochar family, and possession was consistent with their status.
Assessee had recorded the cash deposits as sales in the audited books of account, and no discrepancies were found by AO or CIT(A). Failure to provide PAN alone could not be the sole reason to treat the sales as unexplained money, particularly when Aadhaar details were submitted.
Chennai ITAT rules that costs for interior work and utility connections for a new home can be included in the LTCG exemption under Section 54 of the IT Act.
The ITAT Delhi has restored an ex-parte appeal from Bhaane Studio, condoning a 385-day delay because the CIT(A) sent notices to a former employee’s email address.
Delhi ITAT invalidates reassessment notices issued for AY 2015-16 after April 1, 2021. The ruling, based on Supreme Court and High Court precedents, confirms they are time-barred.
CIT(A) dismissed the appeals and upheld the assessments with the additions. It was held that search assessments were legally valid, JCIT had granted proper approval after due consideration, and the additions were based on incriminating material found during the search.
Delhi ITAT quashes an assessment order, ruling it void due to the absence of a valid jurisdictional order empowering the Additional CIT to act as an Assessing Officer.
