Opening Balance of Unsecured Loans Cannot Be Taxed Under Section 68: Important ITAT Delhi Ruling
Opening Balance of Unsecured Loans Cannot Be Taxed Under Section 68: Important ITAT Delhi Ruling In a significant relief for taxpayers facing additions relating to unsecured loans, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT Delhi) has reiterated an important legal principle that Section 68 of the Income Tax Act applies… […]
“Beneficial Provision Cannot Be Eclipsed by Procedural Formalism”: ITAT Chandigarh Grants Full Section 54 Relief Despite Joint Ownership
“Beneficial Provision Cannot Be Eclipsed by Procedural Formalism”: ITAT Chandigarh Grants Full Section 54 Relief Despite Joint Ownership In a significant ruling on interpretation of capital gains exemption provisions, the Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT Chandigarh) has strongly criticized the Revenue’s hyper-technical approach and reaffirmed that beneficial provisions under the Income… […]
Undated “Reasons to Believe” and Mechanical Approval Under Section 151 Render Reassessment Invalid: Delhi ITAT Quashes Assessment
Undated “Reasons to Believe” and Mechanical Approval Under Section 151 Render Reassessment Invalid: Delhi ITAT Quashes Assessment In a significant ruling strengthening taxpayer safeguard in reassessment proceedings, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT Delhi) has quashed reassessment proceedings on the ground that: • The “reasons to believe” recorded under Section… […]
Delay of Just 13 Days in Filing Form 10-IC Could Have Cost ₹5 Crore – Bombay High Court Restores Section 115BAA Benefit
Delay of Just 13 Days in Filing Form 10-IC Could Have Cost ₹5 Crore – Bombay High Court Restores Section 115BAA Benefit In a major relief for corporate taxpayers opting for the concessional tax regime under Section 115BAA, the Bombay High Court has delivered an important judgment emphasizing that procedural delays cannot defeat… […]
Demolition Is Not Transfer: ITAT Visakhapatnam Upholds Section 54F Exemption Despite Subsequent Demolition of Residential Property
Demolition Is Not Transfer: ITAT Visakhapatnam Upholds Section 54F Exemption Despite Subsequent Demolition of Residential Property In a significant ruling on capital gains exemption under Section 54F of the Income Tax Act, the Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT Visakhapatnam) has held that subsequent demolition of a residential property does not… […]
ITAT Rajkot Delivers Landmark Ruling on Reassessment Beyond 3 Years: ₹50 Lakh Threshold Under Section 149 Cannot Be Artificially Inflated
ITAT Rajkot Delivers Landmark Ruling on Reassessment Beyond 3 Years: ₹50 Lakh Threshold Under Section 149 Cannot Be Artificially Inflated In a significant judgment impacting reassessment proceedings across India, the Rajkot Bench of the Income Tax Appellate Tribunal (ITAT Rajkot) has held that the Income Tax Department cannot reopen assessments beyond 3 years by… […]
ITAT Deletes Gold Addition During Search: CBDT Instruction No. 1916 Protects Jewellery from Tax Addition
ITAT Deletes Gold Addition During Search: CBDT Instruction No. 1916 Protects Jewellery from Tax Addition In an important ruling for taxpayers facing search and seizure proceedings, the Tribunal has granted major relief by deleting addition made on account of gold bullion and jewellery discovered during search operations. The Tribunal held that CBDT Instruction No…. […]
Interest-Bearing Loan Repaid Later Still Taxable as Deemed Dividend? Important ITAT Delhi Ruling Under Section 2(22)(e)
Interest-Bearing Loan Repaid Later Still Taxable as Deemed Dividend? Important ITAT Delhi Ruling Under Section 2(22)(e) Can a loan taken from a closely held company escape taxation as “deemed dividend” merely because: • Interest was charged on the loan, and • The amount was eventually repaid? The Delhi Bench of the Income Tax Appellate… […]
No Penalty Under Section 270A if Return Filed Under Section 148 is Accepted Without Addition: Important ITAT Ahmedabad Ruling
No Penalty Under Section 270A if Return Filed Under Section 148 is Accepted Without Addition: Important ITAT Ahmedabad Ruling In a significant relief for taxpayers facing reassessment proceedings, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT Ahmedabad) has held that penalty under Section 270A of the Income Tax Act, 1961 cannot be… […]
Political Party Donation Disallowance Under Section 80GGC: Big Relief from ITAT Ahmedabad for Taxpayers
Political Party Donation Disallowance Under Section 80GGC: Big Relief from ITAT Ahmedabad for Taxpayers Political donations claimed as deduction under Section 80GGC of the Income Tax Act have recently become a major scrutiny area for the Income Tax Department. In several cases across the country, deductions claimed by taxpayers have been disallowed merely on… […]
