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Penalty u/s 271(1)(c) Invalid if Show Cause Notice Does Not Specify Charge of Concealment or Inaccurate Particulars – DCIT vs Ambience Hotels & Resorts Pvt. Ltd. (ITAT Delhi)
Facts of the CaseThe Revenue filed three appeals before the Income
Tax Appellate Tribunal against the order passed by the Commissioner of Income
Tax (Appeals) [CIT(A)] dated 31.05.2023 concerning Assessment Years 2013-...
ITAT Delhi: Addition u/s 69B Based on Illegible Digital Evidence Deleted for Non-Compliance with Section 65B of Indian Evidence Act – Ritu Tuli vs DCIT
Facts of the
CaseThe assessee, Ms. Ritu Tuli, filed her return of income for AY 2017-18 declaring a taxable income
of ₹3,00,000. During the relevant year, she jointly purchased a residential
property situated at Sus...
ITAT Delhi: Addition under Sections 153A & 69A Quashed Where No Incriminating Material Found During Search – Poonam Tyagi vs DCIT
Facts of the
CaseThe assessee, Poonam Tyagi, filed her return of income declaring income of
₹22,57,860 for Assessment Year 2016-17. Subsequently, a search operation under Section 132 of the Income-tax Act, 1961 was
...
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...