ITAT Pune ruled that Section 68 applies only to amounts credited in the relevant year. Addition of ₹10L as unexplained cash credit for AY 2016-17 was deleted.
Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income […]
Madras High Court held that reopening of assessment u/s. 148 of the Income Tax Act based on the judgement of Hon’ble Supreme Court judgement is tenable as Supreme Court has not given direction to reopen completed assessment.
ITAT Nagpur held that cultivation of mushroom falls within the purview of agriculture and hence income from sale of mushroom is agricultural income which is eligible for exemption under section 10(1) of the Income Tax Act.
Delhi High Court held that retrospective cancellation of GST registration without assigning reason in SCN and in final order is unjustifiable. Accordingly, writ allowed and order cancelling registration quashed.
ITAT Jaipur addressed tax deductions under Sections 54F & 54B in Kuldeep Singh Shekhawat vs. ITO, ruling on belated filings and capital gains exemptions.
ITAT Mumbai overturns Rs. 33 lakh addition under Section 69 in Aarti Sudarshan Soni vs. ITO, citing lack of evidence for alleged on-money property payment.
ITAT held that the Allotment of New Flat did not fall within the scope of Section 56(2)(x), as the new flat was received in exchange for the old one and not as a gift or at inadequate consideration.
Understand the legal distinctions between Gift, Settlement, and Will. Learn their key features, legal validity, and judicial precedents under Indian law.
Bombay High Court dismissed PCIT’s appeal in the case against Jayesh V. Sheth due to CBDT tax effect guidelines. Key legal interpretations and implications discussed.
