ITAT quashed reassessment notice issued by Jurisdictional AO instead of Faceless AO. Addition of ₹29.69 crore was invalidated, and Revenue’s appeal became infructuous.
Delhi ITAT cancels ₹22 crore tax addition based solely on WhatsApp chats from another phone, reaffirming privacy protections and limited evidentiary value of digital messages.
Explains how the new rules enable online deposits, wider bank access, and digital account closure, making CGAS vastly more convenient for taxpayers.
NCLT admitted a Section 7 IBC petition after the borrower defaulted on a ₹13.5 crore loan and failed to appear despite multiple notices. The Tribunal held that debt and default were clearly established.
The Supreme Court condoned the delay in filing but dismissed the special leave petitions, upholding the impugned judgments. Petitioners may still pursue other remedies under law.
Explains how Indian residents must disclose jointly held foreign accounts based on beneficial ownership, clarifying Schedule FA and Schedule FSI requirements.
The Tribunal held that reopening based solely on an NMS alert and without examining DTAA-exempt interest income violated Section 115A(5). The ruling confirms that non-residents cannot be reassessed when TDS-deducted income does not escape tax.
The Tribunal held that notices and assessment orders in the name of a deceased person have no legal standing, confirming that reassessment requires a living assessee or representative.
The ₹8.49 lakh credited for household expenditure from husband was deleted as non-taxable. The unexplained ₹17.80 lakh in the capital account is sent back to the AO for proper verification and opportunity to furnish evidence.
A clear breakdown of the new disclosures, including ITC reporting in Tables 6A1 and 8A, and how they affect reconciliation for FY 2024-25. Key takeaway: taxpayers must manage additional cross-year ITC tracking.
