ITAT Mumbai ruled that the PCIT rightly invoked revisional powers under Section 263 as the assessment order showed lack of proper inquiry, upholding the revision.
Gujarat High Court ruled that reassessment under Section 148 issued after the permissible time period is invalid, quashing the notice and allowing the writ petition.
Delhi High Court ruled that the Supreme Court’s suo motu Covid orders extending limitation periods apply to PMLA cases, as the Act contains no express exclusion.
Gujarat High Court held that reversing the order sanctioning refund not justified since evidences placed on records are not considered and further petitioner has duly complied with provisions of rule 89(2)(c) of the GST Rules. Accordingly, petition is allowed and order is quashed.
ITAT Agra held that amount deposited during demonetization period cannot be treated as unexplained income since the amount is deposited out of genuine cash sales. Accordingly, appeal of revenue dismissed.
HC held that large cash payments exceeding Rs.20,000 may be exempt if properly substantiated under Rule 6DD and business needs; Tribunal’s earlier disallowance set aside.
once the income forming the basis of AO’s reason to believe is explained, AO cannot tax other income independently
ITAT Ahmedabad held that unexplained credit additions cannot be sustained where HUF’s bank transactions are fully documented, and reassessment beyond four years without failure to disclose material facts is invalid.
ITAT Mumbai allowed Gateway Distriparks Ltd. s appeal, holding that Section 14A disallowance must be restricted to investments that actually generated exempt income, following the prospective nature of the 2022 amendment. The Tribunal also condoned a significant delay based on the Supreme Courts substantial justice’ principle.
ITAT Mumbai held that long-term capital gains on sale of land are taxable in the year of transfer of possession and payment, even if the formal sale deed is executed later. The decision emphasizes the principle of substance over form under Section 2(47).
