Delhi High Court Judgments — 2021

The High Court upheld the ITAT's decision, confirming that no addition could be made under Section 68 in proceedings under Section 153C for a completed assessment year without any incriminating material found during the search. The Revenue admitted that the additions were not based on seized material, thus the appeal was dismissed.

The High Court dismissed the Revenue's appeal, finding no substantial question of law. It upheld the ITAT's decision that there was no corroborative evidence or statement to prove that payments beyond the cheque amount were received by the assessee, and no nexus between the seized documents (found from a third party) and the assessee.

The Delhi High Court dismissed the revenue's appeal, upholding the ITAT's decision. The High Court found no perversity in the ITAT's findings that no individual inquiry was conducted, the assessee's broker was not examined, and the shares were freely traded with supporting company financials.