Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : Judicial rulings clarify that satisfaction for initiating action against other persons in search cases must be recorded promptly. ...
Income Tax : Section 270A penalties must specify the exact misreporting clause. Vague notices invalidate penalties and can restore immunity und...
Income Tax : Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summa...
Income Tax : Understand your legal rights and procedural protections during Income Tax and PMLA raids in India. Learn what to do and what to a...
CA, CS, CMA : Legal opinion sought by NFRA on auditing standards, penalties, and regulatory roles in India. Analysis of NFRA’s powers under th...
Income Tax : Learn about the new block assessment provisions for cases involving searches under section 132 and requisitions under section 132A...
Goods and Services Tax : The Ministry of Finance reports the arrest of a firm's finance head for GST evasion worth Rs 88 crore. Learn about the case and it...
Income Tax : The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escapin...
Income Tax : The case examined whether compensation paid to exit prior agreements was a sham arrangement. The Tribunal ruled it was a valid bus...
Income Tax : The Tribunal held that an unsigned agreement without corroboration cannot be treated as incriminating material. Proceedings under ...
Income Tax : The Tribunal deleted additions where the Revenue failed to prove actual cash transactions. It emphasized that suspicion and assump...
Income Tax : The Tribunal held that loan repayment cannot be treated as unexplained cash credit under section 68. The addition was deleted as i...
Income Tax : Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authorit...
Income Tax : Read the order issued by the Central Board of Direct Taxes (CBDT), Ministry of Finance, specifying the scope of the e-Appeals Sche...
Income Tax : Dispute arose between the Department and the assessees with regard to adjustment of such seized/requisitioned cash against advance...
The Delhi High Court held that expiry of 120 days under Section 132B does not trigger automatic release of seized assets. The only consequence of delay is interest liability, reaffirming that AO’s satisfaction is essential.
The Tribunal held that income admitted during search cannot be treated as undisclosed income unless supported by incriminating material found in the search. In the absence of such material, penalty under Section 271AAB cannot be sustained.
Only income supported by cash actually found during search could attract penal consequences. The balance amount, unsupported by incriminating material, was held outside the scope of Section 271AAB.
The Tribunal held that after 29-03-2022, only a Faceless Assessing Officer is empowered to issue notices under Section 148. Notices issued by a jurisdictional officer were declared void, vitiating the entire reassessment.
ITAT Bangalore invalidated a reassessment where the assessee was not provided the recorded reasons, emphasizing that reopening notices must be supported by clear, communicated reasons before filing returns.
Delhi ITAT ruled that assessments for AYs 2010-11 to 2012-13 under section 153C were invalid as the statutory block period starts from the satisfaction note date, not the original search.
Madras High Court held that addition under section 68 of the Income Tax Act towards unexplained cash credit merely on the basis of certain statement without considering documentary evidence is not justifiable. Accordingly, writ of revenue is dismissed.
The ITAT corrected its earlier order after noting that the liberty to reopen completed assessments under sections 147/148 was omitted. The ruling clarifies that absence of incriminating material bars search additions but not lawful reassessment.
The issue was whether a single, consolidated approval under section 153D for multiple assessees is legally valid. The ITAT held that such mechanical approval shows no application of mind and vitiates the entire search assessment.
The Revenue sustained addition by assuming 50% of cash withdrawals were used for household expenses. The Tribunal ruled that suspicion-based estimates cannot replace evidence and granted substantial relief.
