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Income Tax : The issue was whether reassessment could be initiated after four years without fresh evidence. The court held such reopening inval...
Income Tax : The issue was whether reassessment notice issued without approval from the correct authority is valid. The tribunal held it invali...
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Income Tax : Supreme Court in the matter of Shri Ashish Agarwal, several representations were received asking for time-barring date of such cas...
The Bombay High Court held that a lender’s certificate under Section 24(b) is not required for let-out properties assessed on actual rent. Reassessment beyond four years was invalid as there was no failure of disclosure or fresh tangible material.
The Tribunal upheld deletion of addition under Section 68, holding that reliance on an investigation report without independent verification and without disproving documentary evidence cannot sustain bogus LTCG allegations.
ITAT Mumbai held that reassessment beyond three years is invalid if approval is not obtained from the specified higher authority under Section 151(ii). The notice under Section 148 was declared void ab initio.
The Court held that failure to comply with payment conditions under the 2020 Scheme automatically revived withdrawn revision petitions. This made the assessee eligible under the 2024 DTVSV Scheme.
ITAT Mumbai deleted ₹6.15 lakh penny stock LTCG addition, holding investigation report and abnormal price rise insufficient without direct evidence linking assessee to accommodation entries.
ITAT Mumbai quashed reassessment beyond 3 years as escaped income was ₹37.76 lakh (<₹50 lakh) and approval u/s 151 was wrongly granted by PCIT, rendering notice u/s 148 void.
Reassessment based solely on investigation inputs about penny stocks was rejected. The Tribunal held that documented transactions through bank and demat accounts sufficiently explained the investment source.
The Tribunal observed that the assessee discharged its burden under Section 68 by filing confirmations, financials, and banking records of the lender. In absence of contrary evidence, the onus shifted to the Revenue. The addition was rightly deleted.
ITAT Mumbai observed that additions based solely on estimation do not establish concealment of income. Consequently, penalty under Section 271(1)(c) was deleted for both assessment years.
The Tribunal held that reassessment cannot survive when the final addition differs from the reasons recorded. Treating dividend as unexplained cash credit was beyond the scope of reopening.
