Bangalore ITAT held that BSNL employees who received retrenchment compensation under the 2019 VRS were entitled to exemption under Section 10(10B) and full leave encashment exemption under Section 10(10AA). The Tribunal condoned the delay in filing appeals and granted relief on merits.
The ITAT held that Section 68 could not be applied to sale proceeds received from investments already recorded in the books in an earlier year. While the reassessment was upheld, the additions towards alleged accommodation entries and commission were deleted.
The SC held that the accused was not produced before the nearest Magistrate within 24 hours after the ED assumed custody, rendering the arrest illegal. It ruled that such constitutional violations justified bail despite the PMLA provisions.
The High Court held that the applicant’s continued custody after detention without production before the competent court within 24 hours violated Article 22(2) of the Constitution. It granted bail while leaving the legality of the Look Out Circular open for consideration at the appropriate stage.
Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the assessee established that it originated from earlier bank withdrawals.
Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures, notices, timelines, reassessment provisions, and taxpayer remedies.
Bangalore ITAT held that customer deposits representing sale proceeds could not be taxed in full as unexplained money under Section 69A. The Tribunal directed the Assessing Officer to estimate business income at 8% of the receipts, holding that only the profit element was taxable.
Bangalore ITAT deleted the addition under Section 69A after holding that the assessee had satisfactorily explained the source of cash deposits with supporting documents and the Assessing Officer failed to disprove the explanation.
The Supreme Court observed that conflicting judicial decisions on identical issues create legal uncertainty and erode public confidence. It emphasized that both courts and advocates share responsibility for maintaining consistency, fairness, and institutional discipline.
This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-tax Act. It also covers exemptions, reinvestment benefits, indexation rules, and the Capital Gains Account Scheme.
