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 ITAT Ahmedabad held that isolated WhatsApp messages and electronic communications cannot, by themselves, support additions in ...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellat...
Income Tax : The Tribunal held that Section 263 cannot be invoked where the assessee never claimed the alleged expenditure as a deduction. With...
Income Tax : The Tribunal ruled that proportionate interest disallowance under Section 36(1)(iii) cannot be sustained when the assessee has ade...
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 held that the Assessing Officer made a ₹50 lakh addition solely on estimation without any supporting material, and deleted the addition as no evidence linked the assessee to alleged bogus share transactions.
ITAT Delhi held that reassessment for AY 2010-11 was invalid since it exceeded the ten-year limitation from the search year. The notice was declared time-barred and issued without jurisdiction.
TAT Delhi held that a 153C assessment for AY 2012–13 was invalid, as the six-year block must be counted from date of satisfaction recorded by AO of non-searched person.
ITAT Delhi held that a seized document mentioning ₹18 lakh could not, without corroboration, be treated as undisclosed income of Krishna Gopal Saraf, deleting the addition.
The ITAT held that the Assessing Officer cannot discard a registered valuer’s report without referring the matter to a Departmental Valuation Officer. The AO’s addition was set aside, and the fair market value must be recomputed based on the valuer’s report.
Kerala High Court dismissed a writ petition challenging a Section 153C assessment, ruling that the ITAT had already addressed the Abhisar Buildwell Supreme Court judgment. Since the ITAT order contained a finding on the judgment’s applicability, the assessee’s only recourse was a statutory appeal under Section 260A.
The ITAT Delhi deleted additions made under Section 153A for unabated/completed assessment years (AYs 2013-14 to 2016-17) following a search. The ruling strictly applied the Supreme Court’s mandate in Abhisar Buildwell that additions in completed years require the finding of incriminating material during the search.
ITAT Chennai upheld that immovable property transfers within family through registered settlement deeds are exempt under Section 56(2)(x). The AO’s view that such transfers were non-bona-fide was rejected.
The ITAT Delhi upheld the deletion of an addition for alleged penny stock LTCG under Section 68, ruling that an assessment for an unabated year under Section 153A requires incriminating material found during the search. Since the addition was based on general analysis, not seized documents, the Revenues appeal was dismissed. The key takeaway affirms the Supreme Courts mandate that completed assessments cannot be disturbed without specific incriminating evidence.
Delhi High Court held that bail application in GST fraudulent Input Tax Credit [ITC] matter is allowed since entire evidence has already been collected and there is little likelihood of tampering with evidence.
