ITAT Delhi Judgments — August 2017

The Tribunal held that the CIT(A) correctly admitted additional evidence and properly appreciated the facts to allow deductions under Sections 80IB and 80IC. The disallowance under Section 40(a)(ia) was also found to be unwarranted.

The Tribunal found the assessee's explanation for the concession to be weak but remanded the case to the Assessing Officer. The AO is to examine the nature of the share transaction on merits to determine if it's capital gain or business income.