Delhi ITAT sets aside reopening under Section 147 due to lack of application of mind and borrowed satisfaction. Transaction found to be genuine sale of goods, not accommodation entry. Full judgment summary inside.
Delhi ITAT upholds CIT(A)'s order deleting ₹5.34 crore additions under Section 68 and ₹7.8 lakh disallowance. Assessee proved creditworthiness and genuineness of loans and expenses with sufficient documentation.
Delhi ITAT quashes reassessment under Section 147 as notice under Section 148 was sent to the wrong address. No valid service of notice renders the entire proceeding void ab initio.
Delhi ITAT holds that Section 56(2)(vii)(b) of the Income Tax Act does not apply to partners individually when property is purchased by a partnership firm. Section 263 revision order quashed.
Delhi ITAT holds that cash deposits during demonetization cannot be taxed under Section 68 when the books are audited, sales are genuine, and stock is properly reconciled. Read the detailed ruling.
Delhi ITAT rules that additions based on uncorroborated third-party statements cannot be sustained. Disallowance of interest on alleged cash loans deleted across multiple years.
Delhi ITAT dismisses Revenue's appeal in case of accommodation entries and commission payments, citing acceptance by Settlement Commission.
ITAT Delhi holds that an ex-director cannot challenge assessment orders passed on a struck-off company unless recovery proceedings are initiated under Section 179.
ITAT Delhi rules in favor of assessee on PF and ESI disallowance under Sections 36(1)(va) and 43B. Tribunal holds delay in contribution justified when salary itself is paid late. Read detailed analysis.
In a pivotal ruling, ITAT Delhi annulled the 153A assessment against Skylark Hatcheries, holding that the approval under Section 153D—granted for 21 cases in one day—was mechanical and invalid. Read the full analysis and findings.