Judgement

ITAT Delhi rules that the Section 69C addition is invalid as the Assessing Officer acted beyond the show cause notice, violating natural justice and procedural fairness, allowing the assessee’s appeal.

Income Tax assessment order cannot travel beyond the scope of the show cause notice

The ITAT observed that there was a complete shift in the pattern of sales as compared to the previous FY, and both the AO and CIT(A) did not consider the nature of transactions.

ITAT Deletes Addition of Unexplained Cash Deposits Due to Change in Sales Pattern

ITAT Delhi held that sales already recorded in audited books and GST returns cannot be taxed again as unexplained cash credits under Section 68.

ITAT Quashes Addition Made u/s 68: Sales Declared in books, GST Can’t Be Treated as Unexplained Income

The ITAT concluded that the non-compliance with Income Tax provisions was from the employer's side, and it is not fair to penalise the assessee for the mistake of the employer.

TDS Credit Must Be Given Even if Employer Fails to Deposit Tax: ITAT 

The Tribunal observed that the amendment to Section 54, was applicable from AY 2015-16 onwards, as mentioned in the CBDT Circular No. 01/2015 dated 21 January 2015.

Section 54 Deduction Can Be Claimed for Property Purchased Abroad Before AY 2015-16: ITAT

As the AO did not conduct further verification, the Tribunal found no reason for treating the credit as unexplained.

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Income Tax assessment order cannot travel beyond the scope of the show cause notice

ITAT Deletes Addition of Unexplained Cash Deposits Due to Change in Sales Pattern

ITAT Quashes Addition Made u/s 68: Sales Declared in books, GST Can’t Be Treated as Unexplained Income

TDS Credit Must Be Given Even if Employer Fails to Deposit Tax: ITAT

Section 54 Deduction Can Be Claimed for Property Purchased Abroad Before AY 2015-16: ITAT

ITAT Finds No Unexplained Credit After Loan Repayment Made to Lender's Creditors