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...
ITAT allowed the appeal where tax authority relied on uncertified electronic records to add ₹24,50,000 as unexplained cash expenditure. Ruling underscores necessity of Section 65B certification for admissibility of electronic evidence.
ITAT Mumbai held that no extrapolation can be done on estimation basis in absence of any incriminating material. Accordingly, addition rightly deleted by CIT(A). Thus, order of CIT(A) upheld and appeal of revenue dismissed to that extent.
Since prolonged detention of assessees accused of ITC fraud was unjustified, given the documentary nature of evidence and completion of investigation. Applying the settled principle that bail is the rule and jail the exception
Since the transactions in seized records were only notional mock trading entries and not unexplained cash credits, only brokerage income at 1% of transaction value was taxable.
The ITAT Mumbai remanded a ₹50 lakh addition case after finding that a business loan was omitted from audited accounts and required further verification.
Tribunal held that the CIT(A) erred by annulling assessment without addressing issue of alleged bogus purchases and directed a denovo adjudication on merits in compliance with Section 250(4) and (6).
The Mumbai ITAT partly allowed Trustar Diamond’s appeal, reducing the addition on alleged bogus diamond purchases from 12.5% to 3% to maintain consistency with the assessee’s previous assessment years. The court noted that sales figures were accepted and the 3% restriction reflected the historical disallowance pattern.
The Gujarat High Court dismissed the petition by Backbone Projects Limited, upholding the reopening of assessment based on fresh, credible information from investigating wings detailing the receipt of ₹1.25 crore in bogus accommodation entries. The court ruled that mere production of documents does not constitute a full and true disclosure when transactions are later found to be false.
ITAT Delhi held that reopening of assessment under section 148 of the Income Tax Act on the basis of stale information results into change of opinion and the same is not sustainable in law. Accordingly, appeal is allowed and reopening is quashed.
Delhi High Court held that addition of unsecured loans under section 68 of the Income Tax Act rightly deleted since the said amount is already disclosed before Income Tax Settlement Commission. Accordingly, appeal of revenue dismissed.
