2023-TIOL-1562-ITAT-DEL

Vipin Gupta Vs ITO

Whether since the assessee has not substantiated the claim of forfeiture of advance by producing the documentary evidence, Revenue has committed no error in disallowing the same - YES: ITAT Whether since the assessee could not substantiate his claim with necessary supporting documents to prove that the loans were utilized for the business, the Revenue committed no error in confirming the said addition of Rs. 54,60,560/- on the secured loan - YES: ITAT Whether since the assessee was not able to substantiate its claim that none of the properties on which deemed rent has been charged is in a position to be let out, to addition on account of notional rent of Rs. 4,19,440/- is reasonable - YES: ITAT

- Assessee's appeal dismissed: DELHI ITAT

2023-TIOL-1561-ITAT-MAD

Chandra Ramesh Vs ACIT

Whether since the CBDT, vide Circular No. 6/2016 , allows the assessee to treat the listed shares and securities as stock in trade, the income arising from transfer of such shares/securities would be treated as business income, the AO ought to have accepted its claim - YES: ITAT

- Assessee's appeal allowed: CHENNAI ITAT

2023-TIOL-1560-ITAT-KOL

Panchiram Nahata Vs ACIT

Whether since for the purpose of earning exempt income from mutual funds, the assessee need not incur any other expenses regarding hiring of employee/staff for managing funds - YES: ITAT Whether since the assessee has maintained regular books of account, vouchers have also been prepared, details were also filed before the AO, no specific discrepancy has been noticed, the Revenue erred in making adhoc disallowance - YES: ITAT

- Assessee's appeal partly allowed: KOLKATA ITAT

2023-TIOL-1559-ITAT-KOL

Bishnu Kumar Khemka Vs ITO

Whether since the difference between the value as per Stamp Valuation Authority and the value as per the Government approved valuer is less than 10% which is within the leverage provided u/s 50C, the addition should be deleted - YES: ITAT

- Assessee's appeal allowed: KOLKATA ITAT

2023-TIOL-1558 -ITAT-MUM

D D And Company Vs ACIT

Whether since the contention of the assessee has merits that the amount borrowed by him has been used in loan and business purposes, the case deserves to be remanded for de no consideration - YES: ITAT

- Assessee's appeal allowed: MUMBAI ITAT