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Income Tax Sep 13, 2025

ACIT, Circle-28 (1), New Delhi Versus Shri Ravi Shankaran

Income Tax - Section 68 - ITAT Delhi Rejects Revenue’s Addition for Alleged Client Code Modification Misuse in Absence of Conclusive Evidence and Regulatory Action - The Tribunal’s decision underscores that additions on account of alleged misuse of the CCM facility cannot be sustained in the absence of cogent evidence of misuse, coalition, or flow of consideration, and without any regulatory action or identification of specific transactions or scrips. The appellate authorities, including the Tribunal, have affirmed that mere suspicion or lack of response from the broker does not justify such additions.

Income Tax Sep 13, 2025

Sahil Gupta Versus Dy. Commissioner of Income Tax, Central Circle 58 (1), New Delhi

Income Tax - Sections 44AB, 271A, 274 - ITAT Delhi Quashes Penalty for Non-Maintenance of Books in F&O Trading Citing ICAI Guidance and Absence of Statutory Turnover Computation Provision - On the facts and circumstances of the present case, where the assessee was guided by the ICAI’s Guidance Note due to the lack of specific statutory direction in the Income Tax Act for computing turnover in F&O transactions, the ITAT concluded that there was a reasonable cause for not maintaining books of account as per section 44AA. Consequently, the penalty levied under section 271A was set aside, and the appeal of the assessee was allowed. Taxpayers in similar scenarios should ensure to document their reliance on professional standards or guidance notes in the absence of statutory clarity.

Income Tax Sep 13, 2025

Sumit Yadav Versus ITO, Ward-4 (1), Gurgaon

Income Tax - Sections 195, 197 - Delhi ITAT Asserts No Short Deduction of TDS Where Lower Deduction Certificate Covers Seller, Even in Joint Ownership Scenario - On the basis of the facts, legal provisions, and established precedents, the Tribunal concluded that the assessee had complied entirely with the lower deduction certificate under Section 197. The payment made to the seller, Mr. Prashant Singh, was correctly subjected to TDS at 3.12%. Therefore, no short deduction took place, and the addition made by the Revenue was unwarranted. The appeal of the assessee was accordingly allowed.

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Case Law·SC

Section 75 of Central Goods and Services Tax Act, 2017 - Supreme Court Upholds Revenue's Stand: No Violation of Natural Justice or Right to Writ in...