The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.
ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under Section 64(1)(iv). The matter was remanded to verify the actual quantum of eligible losses.
The Telangana High Court granted bail to an accused in a Rs.30 crore fake GST ITC case after noting that no complaint had been filed despite 60 days of custody. The Court also considered the maximum punishment prescribed and imposed conditions while granting relief.
The Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be disallowed. The Tribunal directed the Assessing Officer to restrict the addition to the gross profit element by applying the average GP ratio of the preceding five years.
The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessment in substance. Consequently, the CIT(A) was justified in remanding the matter to the Assessing Officer for fresh adjudication.
The Delhi ITAT concluded that the assessee had discharged the burden of proving the three essential ingredients required under Section 68. The Revenue failed to demonstrate that the funds originated from the assessee itself. The decision resulted in the deletion of the entire addition relating to share capital and premium.
The Karnataka High Court quashed an assessment order after finding that allegations concerning 119 apartment sales were introduced without prior notice during Section 148A proceedings. The Court granted the taxpayer an opportunity to submit a detailed response before fresh consideration.
The Kerala High Court set aside the ITAT and CIT(E) orders after finding that the applicability of CBDT Circular No. 7/2024 had not been properly examined. The Court directed the Commissioner to reconsider the trust’s request for registration from 1 April 2021 after granting an opportunity of hearing.
The Bombay High Court restrained authorities from initiating prosecution or penalty proceedings while considering a challenge to provisions of the Black Money Act. The Court allowed appellate proceedings before the CIT(A) to continue.
Considering Clauses 7 and 7.1 of the 2022 Circular, the Court found that the amount in question appeared to be compensation rather than payment for a supply. It consequently stayed coercive measures until the matter is finally adjudicated.
