The Tribunal found that a fixed-deposit mismatch caused an unjustified ₹5.33-crore addition. Delay was condoned and the matter was remanded for fresh assessment with proper verification.
ITAT Mumbai ruled that detailed records, including Demat statements and contract notes, proved the genuineness of penny-stock transactions, nullifying additions under Sections 68 and 69C.
ITAT Kolkata held that addition under section 56(2) towards receipt of gift from HUF to be re-considered for exemption under section 10(2) of the Income Tax Act. Accordingly, matter restored back to AO with specific direction.
Explains how Section 113 mandates surcharge on undisclosed income despite missing references in earlier Finance Acts. Clarifies legislative intent to tax high-income assessees.
The tool streamlines GSTR 9 reporting at GSTIN level, automates table selection, and reconciles tax liabilities with minimal manual intervention.
Tribunal held that ₹15 crore received for withdrawing a civil suit was not consideration for transfer of a capital asset. It ruled that the assessee only gave up a right to sue, which is not taxable as capital gains.
The Court refused to intervene against an SCN combining several financial years, noting that such consolidation is permitted under Sections 73 and 74. Since an appellate remedy existed, the assessee was relegated to appeal, with extension of time due to the pending writ. Recovery actions and attachments were set aside subject to filing the appeal.
ICAI confirms that the new Income-tax Act, 2025 will be examined in Intermediate and Final CA exams starting May 2027, guiding student preparation.
The Tribunal held that section 54 relief cannot be denied merely because the new property was purchased in the spouse’s name. It ruled that actual investment of capital gains is the key requirement.
The Court held that the deceased’s income had been wrongly computed at ₹84,000 and reassessed it at ₹1,00,000 based on available evidence. The ruling increased the compensation and reaffirmed principles for fair assessment in motor accident claims.
