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 JCIT granted approval despite receiving only draft orders and no supporting evidence, demonstrating a mechanical process. The Tribunal held that such superficial approval violates judicial standards, leading to the quashing of all assessments.
Gauhati High Court held that arrest in fraudulent availment of Input Tax Credit [ITC] cannot be termed as illegal since the arresting authority has complied with all the mandates provided by the CGST Act, 2017 and the BNSS, 2023.
ITAT Mumbai held that addition towards unexplained investment u/s. 69A/69B relying solely upon unverified excel sheet, loose sheet and uncorroborated statements, has traversed beyond the permissible confines of evidentiary inference. Accordingly, addition is liable to be deleted.
Gujarat High Court rules that reopening assessments using information from third parties without direct evidence linking the taxpayer is invalid, quashing Section 148 notices.
The Tribunal held that penalty under Section 271AAB could not be levied because no incriminating documents were found during the search. It ruled that mere surrender of income does not constitute undisclosed income under the statutory definition.
The Tribunal examined the validity of assessments initiated under Section 153C where the Assessing Officer recorded a single consolidated satisfaction note for multiple assessment years. Following binding precedents, the Tribunal held that consolidated satisfaction is a fatal jurisdictional error and quashed the 153C assessments entirely.
The High Court dismissed the Revenue’s appeal, affirming that the assessee discharged the initial onus under Section 68 by proving the lender’s identity and creditworthiness via banking channels and subsequent repayment with interest. It was held that doubts regarding the lender’s own creditors are irrelevant for the assessee’s assessment prior to the 2022 amendment, provided the primary transaction is genuine.
The Tribunal held that section 69A requires unexplained money or valuables to be found; since only documents showing commission were seized, invoking section 69A was invalid. Only 20% of gross commission was allowed as taxable income.
ITAT held that the AO’s verification of seized material, statements, and bank records constituted proper enquiry. Key takeaway: Section 263 cannot be invoked merely because the PCIT prefers a different view.
The Tribunal recalled its prior order on US$ 32,13,307.60 credited in an offshore account, acknowledging documented proof of investment maturity. Explained sources prevent its inclusion as undisclosed assets.
