https://www.taxtmi.com/caselaws?id=775947 The ITAT Delhi allowed the assessee's appeal on multiple grounds. The addition under section 68 read with section 115BBE relating to cash deposits during demonetization was deleted as the revenue failed to prove the source was not genuine. The long-term capital loss on forfeiture of commercial property rights was accepted, directing the AO to allow the loss with indexation benefits. The short-term capital loss on sale of shares through a recognized stock exchange was upheld, dismissing the revenue's appeal. Commission expenses paid to relatives of the director were allowed as legitimate transfer expenses for computing capital gains. Lastly, the disallowance under section 14A was restricted to the actual exempt income earned, consistent with HC and SC rulings, and the amendment to section 14A was held prospective, supporting the CIT(A)'s order. All relevant grounds raised by the assessee were allowed, while the revenue's appeals were dismissed. en-us Wed, 30 Jul 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775947 The ITAT Delhi allowed the assessee's appeal on multiple grounds. The addition under section 68 read with section 115BBE relating to cash deposits during demonetization was deleted as the revenue failed to prove the source was not genuine. The long-term capital loss on forfeiture of commercial property rights was accepted, directing the AO to allow the loss with indexation benefits. The short-term capital loss on sale of shares through a recognized stock exchange was upheld, dismissing the revenue's appeal. Commission expenses paid to relatives of the director were allowed as legitimate transfer expenses for computing capital gains. Lastly, the disallowance under section 14A was restricted to the actual exempt income earned, consistent with HC and SC rulings, and the amendment to section 14A was held prospective, supporting the CIT(A)'s order. All relevant grounds raised by the assessee were allowed, while the revenue's appeals were dismissed. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775947