Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the provisions of section 57(iii) of the Income Tax Act, 1961 – ITAT Delhi

Crux : Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be

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Where the additions and disallowances are deleted by the higher authorities, there is no basis for levying penalty u/s 271(1)(c) of the Act – ITAT Delhi

  Crux : Where the additions and disallowances are deleted by the higher authorities, there is no basis for levying

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Where no satisfaction note in the searched persons proceeding recorded separately, the jurisdiction assumed u/s 153C in the case of the assessee is not in accordance with provisions of section 153C – ITAT Delhi

To download the complete order, click here  ITA No.1720-Del-2015-ACIT vs. Gracious Project Pvt. ltd.

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Where the order is passed ex parte making an addition of Rs. 6 Lacs, the case is remanded back to CIT(A) directing it to provide final opportunity of being heard to the assessee

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Where the notice issued u/s 271(1)(c) read with section 274 of the act does not specify whether the penalty is for concealment of income or for furnishing of inaccurate particulars of income, the same is bad in law and no penalty can be levied.

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That the return of notices issued under Section 133(6) unserved by the postal authorities is not sufficient to reach to the conclusion that sales to those parties are not genuine where the assesse has provided all the documentary evidence to prove genuineness of the sales. Further, disallowance on the ground of non-genuine sales cannot be a basis for addition u/s 68 of the Income Tax Act, 1961 – ITAT Delhi

      To Download, M/s Singhal Exim Pvt.Ltd., Vs. Income Tax Officer, ITA No.6520/Del/2018

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When an amount is paid as Dharmada along with the sale price of goods, such payment is not made in consideration of the transfer of goods. Such payment is meant for charity and is received and held in trust by the seller – SC

      To Download order, Supreme Court Civil Appeal No. 5282 of 2005

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Having regard to the manner in which the Assessing Officer has issued notice under section 274 r.w.s. 271(1)(c) of the Act without striking off the irrelevant words, the penalty proceedings show a non-application of mind by the Assessing Officer and is, thus, unsustainable.- ITAT Delhi

      To Dowload , Shree Mahadev Cotex Vs ITO. ITA No. 6447/Del/2018

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