While explaining Section 11(3) of the Income tax Act, the New Delhi ITAT held that any income referred to u/s 11(2) which is paid to any trust/ institution registered u/s 12AA or to any fund/.
On finding that no addition is made based on the reasons to believe recorded by the AO for reopening the assessment, the New Delhi ITAT quashed the order passed by the AO u/s 147 of the Income tax.
On finding that without pointing out anything specific defect on wholesome basis, certain part of the expenses has been discarded on estimate basis, the New Delhi ITAT deleted the addition made by.
On finding that I-T Authorities had passed the same order which was earlier remanded, without proper application of mind, the New Delhi ITAT deleted the addition made by the ITOs.The Bench of Shamim.
Bogus Long-Term Capital Gains From Transaction In Penny Stocks: ITAT Upholds AdditionCase Title: Hemil Subhashbhai Shah Versus DCIT The Ahmedabad Bench of the Income Tax Appellate Tribunal.