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Cash Deposit Addition u/s 69A Partly Sustained – ITAT Delhi Allows Relief Where Deposits Were Explained from Earlier Cash Withdrawals | Amit Duggal vs DCIT (ITAT Delhi)
Facts of the CaseThe assessee deposited ₹4,00,000 in cash in January 2021 in two bank accounts:
₹2,00,000 deposited in ICICI
Bank on 11.01.2021
₹2,00,000 deposited in IndusInd
Bank on 04.01.2021
Du...
ITAT Delhi: Ex-Parte Order of CIT(A) Violating Natural Justice Set Aside – Penalty u/s 271(1)(c) Restored for Fresh Adjudication | Fast Conversion Marketing Solutions Pvt. Ltd. vs DCIT
Facts of the CaseThe assessee, Fast Conversion Marketing Solution Private Limited, filed its
return of income for AY 2016-17
on 17.10.2016 declaring income
of Rs. 1,24,49,670.The assessment was completed under section...
ITAT Delhi: Mechanical Approval u/s 153D Invalid – Search Assessment Quashed in Kavita Jain & Others vs DCIT
Facts of the CaseA search operation under Section 132 of the Income Tax Act, 1961 was conducted in the group
cases of the assessees connected with the Jai Bharat Group. Pursuant to the
search, the Assessing Officer pas...
ITAT Delhi: Deduction u/s 10AA Cannot Be Denied Due to Technical Glitch in E-Filing of Return – Revenue Appeal Dismissed | ACIT vs Dailmaz Exports
Facts of the
CaseThe Revenue filed appeals before the Income Tax
Appellate Tribunal against the order passed by the Addl./JCIT (Appeals) – NFAC
allowing deduction claimed by the assessee under Section 10AA of the In...
ITAT Delhi: Reassessment Invalid When No Addition Made on Recorded Reasons for Reopening – DCIT vs Star Wire India Ltd. (AY 2013-14 to 2015-16)
Facts of the CaseThe assessee, M/s. Star Wire India Ltd., filed returns of income for AY 2013-14, 2014-15 and 2015-16. Some
assessments were originally processed under Section 143(1) and one under Section 143(3).The Ass...
ITAT Delhi: Share of Profit from Cooperative Apex Bank May Be Exempt u/s 86 r.w.s. 67A – Adjustment u/s 143(1) on Debatable Issue Not Sustainable | Bhiwani Central Cooperative Bank Ltd vs ITO (ITA No. 2651/Del/2024)
Facts of the CaseThe assessee, Bhiwani Central Cooperative Bank Ltd, filed its return of income
for AY 2018-19 declaring Nil income after setting off brought
forward losses.During processing of the return under Section...
ITAT Delhi: Assessment Quashed Where Mandatory Notice u/s 148 Not Served on Assessee – Ravinder vs ITO
Facts of the
CaseThe assessee, an agriculturist, sold agricultural
land during the relevant Assessment Year 2011-12. The assessee contended that
the land sold was situated beyond 8 kilometers from municipal limits and...
Section 263 Cannot Be Invoked Where Issue Is Debatable and Pending Before CIT(A): ITAT Delhi in IREO Pvt. Ltd. vs CIT (TDS) – TDS on EDC Payment to HUDA (Sections 194I, 194C, 201, 201(1A))
Facts of the CaseThe assessee companies were engaged in the business
of real estate development including residential flats and commercial spaces.During verification of TDS compliance, the
Assessing Officer received in...
Section 263 Cannot Be Invoked When AO’s Order Is Plausible and Issue Is Debatable – ITAT Delhi in IREO Private Limited vs CIT (TDS)
Facts of the
CaseThe assessee companies were engaged in the business
of real estate development including residential flats and commercial spaces.
Information was received by the Income Tax Department indicating that ...
Krishna Fabrics vs ITO (ITAT Delhi): Appeal Cannot Be Dismissed for Non-Prosecution – Matter Restored to AO for Fresh Adjudication
Facts of the
Case The assessee, Krishna Fabrics, filed an appeal before the Income Tax Appellate
Tribunal against the order passed by the CIT(A)/NFAC dated 25.10.2023 for Assessment Year 2017-18.The assessment in ...