The court held that notices meant to be issued by a Faceless Assessment Officer cannot be validly issued by a Jurisdictional Officer, quashing the notices while keeping Revenue’s rights open.
The court ruled that once purchases are found unproved, restricting additions to a profit percentage is incorrect. Full disallowance is required under Section 69C where genuineness is not established.
The Gujarat High Court upheld a Section 148 notice issued by the JAO during search and seizure under Section 132, ruling that faceless automated allocation is not mandatory in such cases.
High Court condones 1,257-day delay in filing Form 10B for AY 2016-17, recognizing that the petitioner filed returns manually on time and delay was due to bona fide professional oversight.
Bombay High Court condones 2732-day delay in electronic filing of Form 10B, recognizing manual filing within the prescribed period and bona fide professional advice.
The issue was whether an outstanding loan could be taxed as deemed dividend in a year when no loan was received. The Tribunal held that the decisive factor is the year of payment and remanded the matter for fresh examination.
ITAT Jaipur allows full leave encashment of ₹12.13 lakh under Section 10(10AA), citing CBDT Notification No. 31/2023 and judicial precedents.
Tribunal holds that leave encashment is fully exempt as the updated CBDT limit of ₹25 lakh applies. The rectification restricting exemption to ₹3 lakh was set aside.
The Tribunal held that the enhanced ₹25-lakh limit under section 10(10AA) must be applied based on earlier co-ordinate bench rulings. The key takeaway is that restriction to ₹3 lakh was deleted.
ITAT Jaipur held that interest received on enhanced compensation is nothing but compensation and hence for the interest received was eligible for exemption u/s. 10(37) of the Income Tax Act. Accordingly, appeal of department dismissed.
