ITAT Delhi Judgments — January 2019

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that the issue of limitation under Section 201(3) was not properly adjudicated by the CIT(A). Therefore, the matter was remanded back to the CIT(A) to decide whether the Assessing Officer's order was barred by limitation.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal upheld the rejection of the assessee's books of accounts and the estimation of income by the lower authorities. The deficiencies in the books and the reasonableness of the estimation were considered sufficient grounds for these actions.

The Tribunal held that the assessee is entitled to interest under Section 244A on self-assessment tax paid, as it falls within the expression 'refund of any amount'. The interest is to be computed from the date of payment up to the date of refund.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal noted that while CIT(A) should not typically set aside matters to the AO, in this case, a co-ordinate bench of the Tribunal had already restored similar issues for the same assessee and assessment year to the AO. Therefore, the departmental appeal was rendered infructuous.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that the assessee could not sufficiently explain the cash deposits, and the affidavit regarding a loan for property purchase was not supported by credible evidence. The Tribunal also noted that the assessee's claim of not maintaining books of account was contradicted by the cash summary reflecting banking transactions.

The Tribunal held that the tax effect of the assessment was below the monetary limit prescribed by CBDT Circular No. 03/2008 for filing appeals. Therefore, the appeal was not maintainable.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal found that the appeal had become infructuous as the underlying Section 263 order, which formed the basis of the assessment, was cancelled. Therefore, there was nothing left to decide in the appeal.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal inferred that the assessee was not interested in pursuing the appeal. Following relevant rules and precedents, the appeal was dismissed without adjudication.

The Tribunal held that the assessee's failure to appear or prosecute the appeal indicates a lack of interest. Therefore, the appeal is liable to be dismissed for non-prosecution.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal noted that the CBDT circular mandates not filing appeals where the tax effect does not exceed Rs. 20 lakhs, and this applies retrospectively. The Revenue's counsel did not press the appeal.

The Tribunal held that the addition was made without providing the assessee with the incriminating material used by the AO and without properly verifying disputed facts. Therefore, the matter was restored to the CIT(A) for fresh adjudication.

The Tribunal, following established precedents, held that an appeal must be effectively pursued and not just filed. Therefore, the appeal was dismissed for want of prosecution.

The Tribunal dismissed the appeal filed by the Revenue. This was based on CBDT Circular No. 03 of 2018, which revised the monetary limit for filing appeals to the Tribunal to Rs. 20,00,000/-.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that the assessee was not eligible for exemption under Section 10(26BBB) as it was not established by a Central, State, or Provincial Act, but rather incorporated under the Companies Act. The AO's assessment order was deemed erroneous and prejudicial to revenue.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.

The Tribunal held that loose sheet notings lack evidentiary value and cannot be the sole basis for determining commission. It directed the Assessing Officers to consider only transactions with outside parties and adopt a reasonable rate of 0.50% for profit/commission in such clandestine activities.