ITAT Chennai held that reopening an assessment after four years based on issues already examined during scrutiny amounted to an impermissible change of opinion. The key takeaway is that reassessment cannot be used as a tool to review a concluded assessment without fresh tangible material.
This guide explains how taxpayers can select the correct ITR form based on their income profile and tax status. It highlights eligibility conditions and common mistakes that may lead to defective return notices.
The Assessing Officer examined the audited books, balance sheet, and supporting records but did not identify any discrepancy or reject the accounts. ITAT held that, in such circumstances, invoking Section 115BBE was unsustainable.
The Tribunal deleted the addition after finding that the taxpayer had furnished complete documentary evidence of purchase and sale of shares. The ruling emphasizes that suspicion, however strong, cannot replace legally admissible evidence.
ITAT Delhi held that reassessment based solely on Investigation Wing reports without independent enquiry is invalid. The ruling emphasizes that borrowed satisfaction cannot justify reopening under Section 147.
The Tribunal ruled that statements of builder group officials, without corroborative evidence against the purchaser, cannot form the sole basis for addition. The decision reinforces the principle that third-party statements must be independently verified.
The Tribunal accepted that the taxpayer was pursuing rectification remedies and therefore condoned the delay in filing the appeal. The key takeaway is that genuine efforts to resolve disputes through alternative legal remedies can justify delay condonation.
The new labor codes introduce a uniform wage definition and the 50% exclusion cap, significantly impacting salary structures and statutory liabilities. Chartered Accountants must reassess CTC designs to ensure compliance.
The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 April 2026. The reform aims to attract stable long-term foreign investment and make India’s debt market globally competitive.
The proposed ordinance exempts FIIs from tax on interest income and capital gains from Government Securities. The measure aims to increase foreign participation in India’s sovereign debt market and reduce tax-related investment barriers.
