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Judiciary

Section 68 Not Applicable on Recorded Cash Sales – Demonetisation Addition Deleted

August 16, 2025 1662 Views 0 comment Print

The ITAT Delhi deleted a demonetisation-related cash deposit addition for a jeweller, ruling that Section 68 doesn’t apply to recorded sales and that a profit cannot be taxed twice.

Delhi ITAT Quashes Omnibus Penalty Notice & Time-Barred Reopening

August 16, 2025 417 Views 0 comment Print

ITAT Delhi deleted penalties against Sahara India Commercial, citing a defective “omnibus” notice and a time-barred, invalid reassessment based on “borrowed satisfaction.”

Reassessment on Dropped Audit Objection or Borrowed Satisfaction is Invalid

August 16, 2025 588 Views 0 comment Print

ITAT Delhi held the reopening of an assessment invalid for Viramgam Mahesana Project Limited, ruling against borrowed satisfaction and a “change of opinion” by the Assessing Officer.

Unfinalized reassessment proceedings was not a ground to deny DTVSV Scheme Benefits

August 16, 2025 543 Views 0 comment Print

Mere initiation of reassessment proceedings, which remain unfinalized, could not be a ground to deny an assessee the benefits available under the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024.

Cash Withdrawals in Gold Loan Business Not Taxable Under Section 69C: ITAT Mumbai

August 16, 2025 726 Views 0 comment Print

Addition of cash withdrawal under Section 69C in relation to the legitimate gold loan intermediary business was not justified observing that the documentary evidence including gold loan recorded validated gold loan business, thus there was no unexplained nature in the withdrawal.

No Audit Report Needed for Digital Marketing Business Under ₹5 Crore Turnover: Madras HC

August 16, 2025 909 Views 0 comment Print

Anybody carrying on the business of Digital Marketing with cash transactions both on the aspect of receipts and payments in cash below 5% of the turnover, which was below Rs.5 Crores as per the proviso to Section 44 AB (a), the said assessee was not required to file an audit report and they were exempted.

Proviso to Section 12A(2) Applies Only if Assessment Pending on Registration Date

August 15, 2025 999 Views 0 comment Print

ITAT Visakhapatnam ruled a temple trust cannot claim Section 12A exemption for years prior to its registration, unless assessment proceedings were already pending.

ITAT Chandigarh directs grant of 12AA Registration to Temple Trust under state control

August 15, 2025 423 Views 0 comment Print

The ITAT Chandigarh directed the grant of a 12AA registration to a temple trust under state control, emphasizing that a trust deed is not essential when the state governs its administration.

Temple Trust Loses Capital Expenditure Claim for Lack of Section 12A Registration

August 15, 2025 717 Views 0 comment Print

ITAT Visakhapatnam ruled a temple trust without 12A registration cannot claim capital expenditure as a deduction, upholding a revisional order under Section 263.

Section 10(23BBA) Exemption Not Available to Govt-Managed Temple

August 15, 2025 2034 Views 0 comment Print

An ITAT Hyderabad ruling clarifies that Section 10(23BBA) of the Income Tax Act exempts government-appointed administrative bodies, not the temples themselves, from tax.

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