The Court held that continued custody was unwarranted even though a significant tax loss was alleged. Bail was allowed as the charge-sheet was filed and a co-accused was already released.
Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
Court granted bail noting that case was still at pre-charge stage and carried a maximum sentence of five years. The ruling underscores that extended custody was unnecessary for a Magistrate-triable offence.
ITAT rules that assessments under section 144 without proper section 148 notice are void when returns are filed late, affirming taxpayer procedural rights.
ITAT held that most jewellery seized during a search could be accounted for from declared drawings and past income, reducing addition to ₹72.45 lakh. Ruling emphasizes that unexplained investment must be proven in relevant assessment year.
ITAT held that additions under section 153A cannot be made if no incriminating material is found at the assessee’s premises; third-party documents should be invoked via section 153C.
ITAT held that post-29.03.2022, notices must be issued faceless; issuance by JAO violated law, invalidating the reopening and assessment.
The tribunal ruled that reassessment notices issued after April 2021 for AY 2015-16 are invalid, as they fall outside TOLA provisions and are time-barred.
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.
ITAT held that managing multiple bank accounts justified salary expenses claimed under Section 57(iii). The ruling restores full deduction and reinforces that recurring administrative costs can be allowable against interest income.
