ITAT Delhi held that PCIT’s revision under section 263 on alleged bogus sales was invalid since the same transactions were already under appeal before CIT(A). Substituting the AO’s judgment without showing assessment was erroneous and prejudicial was impermissible.
ITAT Delhi admitted additional evidence proving that bank credits considered unexplained were interest income already declared in returns. The Revenue could not contest the factual reconciliation. The penalty under section 271(1)(c) was deleted in full.
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.
The Tribunal examined alleged bogus payments to 27 sub-contractors treated as undisclosed income. While the Assessing Officer made large additions, the assessee provided affidavits confirming genuineness. The ruling partly allowed the appeals, stressing careful verification of evidence rather than assumptions.
Delhi High Court held that demand notice issued by Competition Commission of India being served during subsistence of the stay is unsustainable and liable to be quashed. Accordingly, the writ petition is disposed of.
Bombay High Court held that reopening of assessment proceedings on the basis of change of mind/opinion and also on non-application of mind is liable to be quashed and set aside. Accordingly, impugned notices and order quashed.
ITAT Chennai struck down a protective addition of ₹14.91 Cr made u/s 69, citing invalid u/s 153C jurisdiction. No substantive assessment existed in the companies’ hands for AY 2014-15, reinforcing that protective additions require year-wise satisfaction and corroborative evidence.
Delhi High Court held that VAT (Audit) officer, not being jurisdictional officer, are not competent to complete assessment. Accordingly, assessment orders are quashed due to lack of jurisdiction.
Tribunal confirmed that powers to question “source of source” under section 68 exist only from 01-04-2023. Additions on unsecured loans and student deposits were deleted, while TDS disallowance was remanded.
