Delhi ITAT restores Silverton Pulp And Papers Pvt. Ltd.’s appeal to the CIT(A) to verify the applicability of Section 56(2)(x)(b) to a disputed agricultural land purchase, where the stamp valuation authority valued it as residential.
The Delhi Income Tax Appellate Tribunal (ITAT), in Shelender Kumar Jain Vs ACIT, has ruled against making adhoc disallowances on verified business expenses.
ITAT Delhi quashes reassessment orders against three companies. The court ruled that an AO cannot rely solely on a retracted statement to initiate reopening proceedings.
Bombay HC set aside high-value SCNs issued without prior consultation. Upholding binding CBIC Circulars, Court ruled that pre-consultation is mandatory for tax demands exceeding ₹50 lakhs, citing SC precedents.
ITAT Delhi deleted Rs.8 lakh penny stock addition u/s 68. AO relied only on Investigation Wing report. Tribunal rules addition cannot be made without independent verification.
ITAT Delhi reduced a Rs.11.47 lakh demonetization cash addition to Rs.47,000/− for a senior citizen. Cites Madras HC ruling limiting S. 115BBE rate to transactions after 01.04.2017.
The ITAT deleted all additions and the consequential penalty, dismissing the Revenue’s appeal. It upheld the CIT(A)’s deletion of ad-hoc bogus expense additions after verifying evidence under Rule 46A.
Delhi ITAT deleted additions for Marketing/Reservation fees and Travel Agent Commission (TACP) for Six Continents Hotels. The Tribunal ruled the receipts were not FTS/FIS under the India-USA DTAA, applying the rule of consistency.
Delhi ITAT deleted a ₹30.65 lakh cash deposit addition made under Section 69A during demonetization. The source was proven to be a gift from the deceased grandmother’s savings of previously taxed rental income, preventing double taxation.
): The ITAT set aside a penalty of ₹4.25 lakh levied under Section 271C for non-deduction of TDS. Citing the Supreme Court ruling in U.S. Technologies International Pvt. Ltd., the Tribunal held that Section 271C applies only to the failure to deduct, not the late remittance of already deducted tax.
