ITAT held that the AO’s verification of seized material, statements, and bank records constituted proper enquiry. Key takeaway: Section 263 cannot be invoked merely because the PCIT prefers a ...

ITAT Delhi applied the principle that if the foundation (quantum addition) is removed, the superstructure (penalty) collapses. The Section 270A penalty was deleted once the quantum was wiped out.

ITAT Delhi ruled that penalties under section 271DA cannot be levied without the AO recording satisfaction in the assessment order, following Supreme Court ...

ITAT Delhi ruled that cash deposits recorded in audited books cannot be treated as unexplained income under Section 68. Additions made by the AO and CIT(A) during demonetization were deleted, ...