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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ITAT Delhi: Appeal Dismissed as Withdrawn After Assessee Filed Settlement Application under Direct Tax Vivad Se Vishwas Scheme – AY 2012-13 | Ankita Aggarwal vs ITO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...
ITAT Delhi: Addition u/s 69A for Cash and Jewellery Not Sustainable Where Income Already Offered Before Settlement Commission – ACIT vs Vijay Kumar Sachdeva
Facts of the
CaseA search under Section 132 of the Income-tax Act, 1961 was conducted on 21.08.2017 in the case of the Laxmi Remote Group, including the
assessee Shri Vijay Kumar Sachdeva,
who was a director in M/s La...
ITAT Delhi: No Addition u/s 68 & 69C in Search Assessment Without Incriminating Material – DCIT vs Kamal Kishore Chaurasia (AY 2014-15) | Section 153A Case Law
Facts of the CaseThe assessee, Kamal Kishore Chaurasia, filed his return of income on 28.11.2014 declaring total income of Rs. 2,32,80,220 for Assessment Year 2014-15.The original assessment was completed on 27.10.2016.A...
Addition under Section 153A Invalid Without Incriminating Material & Jewellery Addition under Section 69A Deleted – ITAT Delhi in Poonam Tyagi vs DCIT
Facts of the CaseThe assessee filed the original return declaring
income of ₹22,57,860 for AY 2016-17. A search
and seizure operation under Section 132 was conducted on 03.11.2016 at
the premises of VVIP Group and r...
ITAT Delhi: Appeal Becomes Infructuous Due to CIRP Moratorium Under IBC – Section 263 Revision Proceedings Impacted | Jaiprakash Associates Ltd. vs. PCIT (AY 2016-17)
Facts of the CaseThe assessee, Jaiprakash Associates Ltd., filed its
return of income declaring nil income
on 30.11.2016 and reported a book loss
under Section 115JB. The case was selected for scrutiny and the assessm...