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Penalty u/s 271D Not Leviable on Cash Received as Sale Consideration of Property – ITAT Delhi in Sarita Mittal vs JCIT (ITA No. 2788/DEL/2023, AY 2012-13)
Facts of the CaseThe assessee sold an immovable property and
received total sale consideration of Rs.
22,65,000. Out of the total consideration:
Rs. 10,00,000 was received through RTGS,
and
Rs. 12,65,000 was ...
ITAT Delhi: Addition u/s 68 on Share Premium Deleted – Valuation by Merchant Banker Cannot Be Rejected Without Evidence | PB Fintech Ltd vs ACIT
Facts of the CaseThe assessee, PB Fintech Limited, is engaged in the business of comparing
financial products such as life insurance, general insurance, loans and credit
cards through its digital platform.For AY
2016-...
ITAT Delhi: Additions Sustained Under Section 153C Where Assessee Failed to Produce Supporting Evidence – Polo Computers & Softwares Pvt. Ltd. vs ACIT
Facts of the
CaseThe assessee, Polo Computers & Softwares Pvt. Ltd., filed appeals before the
Income Tax Appellate Tribunal (ITAT), Delhi Bench against the orders of the
Commissioner of Income Tax (Appeals) for As...
ITAT Delhi: Mechanical Satisfaction Note Invalidates Proceedings u/s 153C – Additions u/s 69A Deleted in Rajiv Agarwal vs ACIT
Facts of the CaseThe assessee, Rajiv Agarwal, was a salaried individual earning income from
salary and interest on bank deposits. The return of income for AY 2017-18 was
filed declaring income of ₹1,80,51,110 and was...
Retracted Statement Alone Cannot Treat Currency Derivative Loss as Bogus – ITAT Kolkata in DCIT vs Delight Suppliers Pvt. Ltd. | Sections 132, 143(3) & 50C of Income-tax Act
Facts of the CaseThe
assessee company had entered into transactions relating to currency derivatives
and claimed loss arising from such transactions in its return of income. During
the course of assessment proceedings...
ITAT Delhi: No Addition u/s 69A for Cash & Jewellery When Income Already Offered Before Settlement Commission – Vijay Kumar Sachdeva vs ACIT
Facts of the
CaseA search operation under Section 132 of the Income-tax Act, 1961 was conducted on 21.08.2017 in the case of Laxmi Remote Group, including the
assessee Shri Vijay Kumar Sachdeva,
who was a director in ...
ITAT Delhi: Mechanical Satisfaction Note Invalidates Section 153C Proceedings – Additions Based on Loose Sheets Deleted | Rajiv Agarwal vs ACIT
Facts of the
CaseA search and seizure operation under Section 132 of the Income Tax Act, 1961
was conducted on 28.06.2016 in
the case of the Paras Mal Lodha Group,
alleged to be involved in hawala transactions.The as...
ITAT Delhi: Deduction u/s 80IBA Cannot Be Disallowed in Intimation u/s 143(1) for AY 2019-20 – Amendment by Finance Act 2021 Not Retrospective | Amolik Housing Pvt. Ltd. vs CPC Bengaluru
Facts of the CaseThe assessee, Amolik Housing Pvt. Ltd., filed its return of income for Assessment Year 2019-20 claiming
deduction under Section 80IBA of the
Income-tax Act, 1961 amounting to ₹6,88,70,539.While proce...
Interest Expenditure Disallowance u/s 57(iii) – Matter Remanded to AO for Proving Nexus Between Borrowed Funds and Interest Income | Sukhjot Singh Sodhi vs ACIT (ITAT Delhi)
Facts of the CaseThe assessee filed the return of income for AY
2016–17. During assessment proceedings under section 143(3) of the Income Tax Act, the Assessing Officer
disallowed interest expenditure of
₹61,97,07...
ITAT Delhi: Appeal Dismissed as Withdrawn After Assessee Filed Settlement Application under Direct Tax Vivad Se Vishwas Scheme – AY 2012-13 | Ankita Aggarwal vs ITO
Facts of the CaseThe present appeal was filed by the assessee, Mrs. Ankita Aggarwal, before the
Income Tax Appellate Tribunal, Delhi Bench, against the order dated 30.01.2019 passed by the Commissioner of Income Tax (Ap...